Via Valentina Pasquali in agbi.com: Saudi authorities have implemented many legal reforms in recent years. Crucially, say sources, those include a new framework that since last year has supported foreign law firms’ creation of joint ventures with local counterparts, including through full-blown acquisitions, or wholly-owned Saudi subsidiaries. Foreign lawyers have been cleared to practice in Saudi Arabia in 2021 if they secure a license from the Saudi Bar Association. “These reforms, along with the modernisation of the legal and dispute resolution systems, ensure that foreign law firms can operate independently,” says Nassar. Saudi Arabia has upgraded its framework for cross-border bankruptcy proceedings, arbitration, investments, domestic commercial disputes and is looking to reform labour-related regulation, according to sources.
