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New Civil Transactions Law Marks a Major Leap in Saudi Judicial Legislation

Riyadh General Court adopts best international judicial practices in accordance with Islamic sharia law (SPA)
Riyadh General Court adopts best international judicial practices in accordance with Islamic sharia law (SPA)
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New Civil Transactions Law Marks a Major Leap in Saudi Judicial Legislation

Riyadh General Court adopts best international judicial practices in accordance with Islamic sharia law (SPA)
Riyadh General Court adopts best international judicial practices in accordance with Islamic sharia law (SPA)

Saudi Arabia is undergoing judicial reforms following the announcement by Crown Prince Mohammed bin Salman about the Cabinet’s approval of the new Civil Transactions Law.

The new regulation is considered a significant advancement in specialized laws governing contracts and financial transactions between individuals. It aims to organize economic activity and improve investment opportunities.

Crown Prince Mohammed bin Salman had said that the Civil Transactions Law represents a “remarkable transformation” within the system of specialized legislations.

The law was prepared in a way taking advantage of the latest legal trends and the best international judicial practices, in light of the provisions of the Islamic Shariah and its purposes, explained the Crown Prince.

It also comes in harmony with Saudi Arabia’s international obligations considering the agreements that have been ratified by it to keep pace with the developments of contemporary life, he added.

He said that the law was based on foundations represented by the protection of property, stability and validity of contracts, identification of sources of rights and obligations and their effects, and clarity of legal positions.

The Crown Prince said that the law will have a positive impact on the business environment and increase its attractiveness, and will also contribute to regulating economic movement and the stability of financial rights, in addition to facilitating decision-making with regard to investment.

He added that it will also enhance transparency and increase the ability to predict judgments in the field of civil transactions and reduce discrepancies in judicial reasoning to reach prompt justice, apart from contributing to bringing down disputes.

He highlighted the delay in the law’s approval, originally expected in the fourth quarter of 2022, saying that it was necessary to carry out further studies as well as scrutinize the provisions of its regulations.

The Civil Transactions Law includes provisions that define contracts, such as the elements of a contract; its validity; its effects among the contracting parties; the provisions related to its invalidity and termination; and the provisions of the harmful act and rules for compensation. The statutory texts of the law also deal with all forms of ownership and their provisions.

 

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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
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Saudi-Chinese-Iranian Joint Tripartite Committee Meets in Riyadh

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)
The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi. (SPA)

The second meeting of the Saudi-Chinese-Iranian Joint Tripartite Committee to follow up on the Beijing Agreement was held in Riyadh on Tuesday.

The meeting was chaired by Saudi Vice Minister of Foreign Affairs Waleed A.Elkhereiji, with the participation of the Chinese delegation, headed by China’s Vice-Minister of Foreign Affairs Deng Li, and Iranian delegation, chaired by Deputy Foreign Minister for Political Affairs Majid Takht Ravanchi.

The Saudi and Iranian sides reiterated their commitment to implementing the Beijing Agreement in all its provisions and their continued effort to consolidate neighborly relations between their countries by respecting the Charter of the United Nations and the Charter of the Organization of Islamic Cooperation, and international law. This includes respecting the sovereignty, independence, and security of states.

Saudi Arabia and Iran welcomed the continued positive role played by China and the importance of its support and follow-up on the implementation of the Beijing Agreement that was signed in March 2023.

China underscored its readiness to continue to support and encourage the steps taken by Saudi Arabia and Iran to develop their relationship in various fields.

The three countries welcomed the continued progress in Saudi-Iranian relations and the opportunities it provides for direct communication between the two countries at all levels and sectors.

They noted the great importance of these contacts, meetings and mutual visits between high officials from the two countries, especially in light of the current regional tensions and escalation that threaten the security of the region and world.

The officials welcomed the progress of consular services between the two countries, which allowed more than 87,000 Iranian pilgrims to perform the Hajj and more than 52,000 Iranians to perform the Umrah with ease and security during the first ten months of 2024.

They welcomed the first meeting of the Saudi-Iranian joint Media Committee and the signing of a Memorandum of Understanding (MoU) between the Prince Saud Al-Faisal Institute for Diplomatic Studies and the Institute of Political and International Studies of the Iranian Ministry of Foreign Affairs.

Saudi Arabia and Iran additionally expressed readiness to sign a Double Taxation Avoidance Agreement (DTAA). Along with China, they look forward to expanding cooperation among them in various fields including economic and political.

The three countries called for an immediate end to the Israeli assault against Palestine and Lebanon, condemning its attacks and violations of Iran’s sovereignty and territorial integrity.

They further called for the uninterrupted flow of humanitarian aid and relief to Palestine and Lebanon, warning that the continuing cycle of violence and escalation is a serious threat to the security of the region and world.

The three countries reiterated their support for a comprehensive political solution in Yemen in line with internationally recognized principles under the auspices of the United Nations.