As part of a string of legislative reforms in the Kingdom of Saudi Arabia ("KSA"), the Saudi Arabia Royal Decree No M/05/2018 dated 13/02/2018) (the "KSA Bankruptcy Law") comes as a boost to the continued growth of the KSA economy and the increase of foreign direct investment. Before the issuance of the KSA Bankruptcy Law, the general insolvency framework in the KSA was mainly set out in the Saudi Arabia Royal Decree No M2/1970 dated 23/03/1970 (the "Law of Commercial Courts") and in the Saudi Arabia Royal Decree No M16/1996 dated 25/01/1996 (the "Bankruptcy Preventative Settlement Law").
Nadim Bardawil, Senior Associate, wrote a comparative analysis on the bankruptcy laws in UAE and KSA, which you can read in full it here.
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