The Legal 500

The size and progress of the modern Saudi economy has naturally lead to more advanced legislation. A landmark development was the launch of the "King Abdullah Project to develop the Judiciary" which has rebuilt the Saudi judicial structure. This new Saudi Arbitration Law [1] which has received the Royal Ascent Last April ("Arbitration Law") is another cornerstone in building regulatory reform. This means that all the constitutional procedures for the Law to be binding and effective with the exception of publication in the local Official Gazette Um Al Qura. The Law will become effective thirty days as of its publication date -and it has not been published yet.

by Jeremy Scott - j.scott@tamimi.com

Regulatory Overview Dealings with KSA real estate are principally carried out according to a well established and traditional process involving private negotiations followed by the participation of a regional government employee of Shari’ite qualifications (Notary Public) to complete the change of ownership.

1. SUMMARY

1.1 Introduction
Businesses in Saudi Arabia have until 21/5/1426 H / 28 June 2005 to comply with the provisions of the Competition Law enacted last year, notwithstanding that the Implementing Regulations have yet to be issued. This presents a clear challenge.

Nonetheless, with fines of up to Saudi Riyals five million (SR 5,000,000) for first-time violations of the Competition Law, its terms merit close attention and timely compliance. Businesses should adjust their practices to comply with the Competition Law at the earliest opportunity.