SAUDI CIVIL TRANSACTIONS LAW: A MAJOR LEGISLATIVE OVERHAUL AND A COLOSSAL STEP TOWARDS VISION 2030
‘The Kingdom of Saudi Arabia has taken a colossal legislative step when the Saudi Council of Minister approved, in June 2023, the Saudi Civil Transactions Law (the “CTL”). This is a significant milestone in achieving the 2030 vision. In this article, our International Arbitration Group at Zulficar & Partners (under the guidance and leadership of Founding Partner and Head of the International Arbitration, Energy and Construction Groups, Professor Dr. Mohamed Salah Abdel Wahab) sheds light on the scope of the CTL, its innovation and key legal principles, as well as its impact on business. Our team of authors also includes: Mr. Youssef Al Saman, Mr. Karim Ramsis, Dr. Alia Al Gazzar and Ms. Sarah Sedky’.
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