Saudi Arabia is developing a diverse business environment by expanding the application of legal concepts in a way that aligns with the goals of Vision 2030.
The new laws adopted by the Kingdom kept pace with the requirements of global and local investors, by enhancing the speed, efficiency and transparency of the legal and economic system, based on the latest global practices in the business sector.
Legal Expert Mohammed Al-Aqeel, managing partner of the Mohamed Al-Aqeel & Partners Law Firm, stressed the importance for experts in the legal and economic fields to observe the rapid evolution taking place in Saudi Arabia to achieve Vision 2030, through exceptional standards and the successful integration of international companies in the local market.
“From this standpoint, it is important to shed light on the legislation that specifically affects the Saudi market and legal practices, which are common legal trends that cannot be neglected today even though their definition was different in the recent past,” he stated.
The Saudi expert added that global practices were a common legal language that is founded on legal norms.
The managing partner of Mohammed Al-Aqeel & Partners Law Firm pointed out that the system of the Red Flag & Yellow Flag, is the model that is used in the Saudi market, even among local companies, because it achieves the standard of transparency and disclaimer of responsibility in deals and contracts.
Al-Aqeel was speaking during a lecture held by the Saudi Bar Association and the Riyadh Region Bar Committee entitled, “Due-Learning Examination in Mergers and Acquisitions Contracts,” which presented the concept of this type of application to a number of legal practitioners.
Al-Aqeel touched on the entry of international companies through their brands into the Saudi market, through a commercial franchise agreement for restaurants, or a licensing agreement for global electronic applications for delivery companies, based on the rights to use a registered intellectual property or registered trademark.
“The image has recently been seen changing in the local market with the possibility of using these agreements between Saudi companies to participate in expansion and the acceptance of the idea of joint contribution by multiple parties for one brand,” he said.