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Following the appointment of Mohammed bin Salman as Crown Prince in June 2017, the Kingdom has undergone significant change; while social reforms have encouraged hopes for modernisation within the traditionally conservative society, political developments, such as the anti-corruption purge of November 2017 and the war in Yemen, have brought the country’s stability into question.

Nevertheless, Vision 2030 is transforming the Saudi Arabian market, with efforts to reduce oil dependency, increase economic diversification, and develop public service sectors encouraging greater investment. While the market for foreign investment has proven more precarious than in previous years, interest remains high in anticipation of Saudi Aramco’s IPO, which is set to take place in 2018.

The social, political and economic climate has certainly proven interesting for firms operating in the jurisdiction. The Kingdom’s legal market is populated by a mix of international and local firms, although complete foreign ownership remains prohibited; as such, international firms operate in association with domestic firms.

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