Saudi Arabia is the largest market economy in the Middle East and North Africa in terms of gross domestic product (GDP),2 and with 33 per cent of the world's proven petroleum reserves, stands as the largest exporter of oil in world.3 However, with a population of approximately 33 million,4 39 per cent of whom are below the age of 25,5 and an oil price that averaged around US$52.51 per barrel during 2017,6 effecting change was the theme of 2017. This is reflective of the ongoing trend in the country for the implementation of change and modernisation, both on the social and the economic fronts, as evidenced by an uptick in government spending, the slew of regulatory and governmental reforms, and the resumption of significant infrastructure spending. The austerity measures of 2016 were eased, and the government registered a marginal budget overrun with planned spending of 926 billion Saudi riyals, in excess of the budgeted 890 billion Saudi riyals.7 Government spending, which historically accounted for a significant part of construction activities in Saudi Arabia, increased as the government had more confidence in oil prices and increases in non-oil revenues.8 The government launched its Vision 2030, a road map for the future aiming to diversify revenues away from oil dependence.9
In 2016, as the first step towards achieving Vision 2030, the country embarked on the National Transformation Program 2020 (NTP 2020), spearheaded by Crown Prince Mohammad Bin Salman Al Saud, to be fully implemented by 2020. On the basis of the NTP 2020, the government approved the Fiscal Balance Programme, a five-year financial plan to eliminate the budget deficit by 2020.10 In 2017, Saudi Arabia reshaped its NTP 2020 with the revised NTP 2.0, and commenced implementing a series of Vision Realisation Programmes aimed at achieving its goals, including through the initial public offering of shares in Saudi Aramco, the Saudi state-owned oil company, and the sale of approximately US$300 billion in assets.11 This is to be achieved through the newly established National Centre for Privatisation and Public-Private Partnerships (NCP), which highlights the country's serious re-evaluation of common approaches to construction, government procurement and housing.12
In addition, the White Land Tax Regulation, enacted in June 2016 to incentivise building in the country by taxing landowners of undeveloped land plots over 10,000 square metres in size,13 has positively influenced development and stimulated building work.14
ii THE YEAR IN REVIEW
Following on from the sharp decline in infrastructure spending in 2016 and the resulting 51 per cent decrease in contracts awarded when compared 2015,15 2017 saw an increase in spending on the back of the narrowing government budget deficit. Following the government's review and reassessment of all government capital projects to ensure efficient implementation in 2016, capital spending resumed in 2017, with a rise of 34 per cent, mostly concentrated on military, education and healthcare.16 The bulk of spending, however, came in the last quarter of 2017, leaving the majority of the year generally in line with or below the contraction in contract spending witnessed in 2016, but setting up 2018 to be a expansionary year.17 Aggregate capital spending reached 180 billion Saudi riyals during 2017, 46 per cent of which came in the fourth quarter.18
Though work continued on a number of previously announced projects, such as the Saudi Landbridge, a US$7 billion infrastructure project tendered by the Public Investment Fund, the King Abdullah International Conference Centre, the Haramain High-Speed Rail project, the King Abdulaziz Centre for World Culture and the King Abdullah Financial District, the government's major announced projects outside the transport sector differed from the traditional models for spending. These included a huge Red Sea resort to be owned by the Public Investment Fund and a US$500 billion futuristic city called Neom in the north-west of Saudi Arabia straddling the connection points to Jordan and Egypt. Transport contract outlays included US$90 billion for new metro lines and bus routes in Riyadh, Jeddah, Mekkah and Medina, and US$8 billion for railway network expansion. Other announced projects included a new Jeddah Downtown (US$17.7 billion), a new Taif project (US$2.9 billion), the completion of the Kingdom Abdullah Economic City (US$67 billion) and development of water utilities (US$60 billion).
While the first half of 2017 continued the reduced spending of 2016, sustained from low oil prices and high defence spending resulting from the geopolitical climate (with threats in neighbouring Syria, Iraq and Yemen), the review and optimisation exercise undertaken in 2016 by the government and replicated within the private sector, led by revisions to practices in project finance, construction and use models and in real estate development, resumed a drive for growth that is guided by the long-term vision for the country.19
iii DOCUMENTS AND TRANSACTIONAL STRUCTURES
i Transactional structures
The launch of the NCP and the privatisation drive that was reflected in NTP 2020 started to shift the model for spending and project construction in Saudi Arabia. That said, and while change is noticeable through the implementation of privatisation goals, it is difficult to say whether, on the whole, a significant shift in the type of project financing or contracting and use models took place in projects in Saudi Arabia. Contractor balance sheet financing continued to be the prevailing method of project finance, with secured project financing remaining within the realm of only a handful of megaprojects. However, 2017 saw a resumption of equity financed constructions, mostly within the residential sector, by raising capital through publicly listed and private investment funds.
This traditional construction model was deployed across the spectrum of local and foreign contractors. In 2015, the Saudi Arabian General Investment Authority (SAGIA) implemented a fast-track system to license foreign investors in the country, including issuing temporary foreign investment licences to firms engaged in public works.20 The requirements for foreign investment licences were further eased by SAGIA in February 2016 with a significant reduction in the required documentary submissions.21 In 2017, SAGIA published a revision to various capital requirements for foreign investments in the country, including with respect to EPC licensing.22
While Saudi Arabia has for some years seen some deployment of PPP construction and use models, the utilisation of these models significantly increased in the wake of the prolonged period of low oil revenues and the increasing government spending deficit. This is in line with NTP 2020, which calls for an increase in privatisation and private sector participation in the GDP by shouldering 40 per cent of the funding burden,23 and is further accelerated by the launch of the NCP, which will aim at accelerating the deployment of PPP in Saudi projects through effective project management, building the regulatory framework and providing advisory services. PPP models commonly deployed in Saudi Arabia include build-own-operate-transfer, build-operate-transfer and build-own-leaseback.
Project financing in Saudi Arabia remains within the realm of megaprojects, deployed following both conventional and shariah-compliant structures. Conventional project finance follows the form of secured lending with pledges over project land, assets and proceeds. It is commonly utilised in financing by Saudi government entities such as the Public Investment Fund and the Saudi Industrial Development Fund, and by foreign banks and export credit agencies. Shariah-compliant (or Islamic) financing is deployed more commonly through Gulf-based shariah-compliant banks, local mutual funds and publicly listed debt instruments, and while it can follow a number of structures, the mudarabah structure is emerging as the most common in such transactions.
Direct construction contracts continue to be the most dominant form of contracting in Saudi Arabia. Based on the requirements of Article 29 of the Government Tenders and Procurement Law24 and Article 32 of its Implementing Regulations, government contracts utilise specific contract forms prepared by the Ministry of Finance and approved by the Council of Ministers. Government contract forms are available for a range of project-related services including public works, operations and maintenance, design and project management.25 Varying from government contract forms may be permitted in exceptional circumstances, such as large complex projects, and require approval from the King.26
Private-party construction and projects works commonly employ a direct contracting structure. Construction contracts are typically between the employer (i.e., owner or developer) and the contractor, with FIDIC contract forms commonly deployed in large and medium-sized projects.
Aside from construction, project documents commonly include offtake agreements, supply agreements and intellectual property licensing agreements. Where a project calls for the creation of an incorporated joint venture in the country, the parties to the joint venture commonly enter into a shareholders' agreement to further articulate and regulate the relationship beyond what is commonly listed in company articles of association.
iii Delivery methods and standard forms
Public project delivery follows the contract forms provided by the Ministry of Finance, which are structured according to the requirements of the Government Tenders and Procurement Law and its Implementing Regulations. Project delivery in private projects reflects international practices, with design-build, construction and turnkey projects being most common. The engineering, procurement and construction (EPC) method of contracting is also commonly deployed in larger projects, including the utilisation of FIDIC Silver Book EPC/Turnkey conditions of contract.
With the increase in PPP projects, we are also witnessing an increase in design-build-operate, especially in relation to revenue-generating infrastructure such as airports. The NCP additionally sets the stage for an increase in the use of such contracts in roads, railways and ports.27
iV RISK ALLOCATION AND MANAGEMENT
i Management of risks
Against the background of an over-arching fairness requirement in contracts, Saudi law, based on shariah and enacted legislation, enforces the terms of contracts agreed by the contracting parties. Contracted project risk allocation and security provisions are therefore commonly viewed as enforceable pursuant to the laws of the country. This includes design assumption provisions, work guarantees, delay damages, and performance parent company and bank guarantees. This is, of course, to the extent that the provisions are not unfair or unjust in application.
Fairness elements in projects and construction are commonly examined in situations where one of the parties lacks the contractual control over triggers to its financial or performance liability. Examining tribunals applying the laws of the country may therefore invalidate on the grounds of violating the shariah principle requiring fairness-in-dealings provisions relating to liability against a party that does not control the triggers to the liability. An example of this is commonly seen in the enforceability of delay damages in a contract where the causes of the delay were outside the contract's control, either because of force majeure events or otherwise.
ii Limitation of liability
Contractual provisions providing for limitation of liability among the contracting parties are generally enforceable in Saudi Arabia pursuant to the general shariah principle of freedom of contract. In projects and construction, liabilities are commonly limited by contract to the contract value or 110 per cent of the contract value. The parties also commonly exclude by contract liabilities for indirect and consequential losses, including losses of profit or business. This exclusion is additionally provided by law through the shariah principles against uncertainty (gharar), where a claim for indirect or consequential losses will be subject to challenge on the grounds that the claim was based on uncertain determinations at the time of contracting.
iii Political risks
Private property is protected from usurpation or trespass by law. Article 18 of the Basic Governing Law28 provides that property shall not be usurped or taken in the absence of a court judgment. This protection is identical for local and foreign-owned property, and is reflected in Article 11 of the Foreign Investment Law.29 The Regulations for the Expropriation of Real Estate for the Public Benefit and the Temporary Acquisition of Real Estate Law30 regulate the requirements and applicable compensation for the expropriation of real property for public benefit, and further provide for protection of private property from public expropriation.
These property protections apply similarly in relation to government interference in private contracts, with contracts generally considered enforceable to the extent they do not violate shariah principles. That said, a force majeure provision suspending or excusing the performance of contracts is implied by law. This provision may be relied on, where applicable, to affect offtake or supply agreements to the extent that government policy required the cessation of offtake or supply.
The Kingdom additionally does not apply any currency exchange or fund transfer restrictions aside from those related to money laundering.
Finally, as a member of the Multilateral Investment Guarantee Agency (MIGA), investors and project financiers may obtain political risk insurance coverage for investment, including project financing, in the country. MIGA extends insurance coverage for losses relating to currency inconvertibility and transfer restriction, expropriation, war, terrorism, and civil disturbance, breach of contract and non-honouring of financial obligations.
v SECURITY AND COLLATERAL
As noted previously, contractor balance sheet financing has been the main method of funding projects in Saudi Arabia. With the Saudi riyal exchange rate fixed against the US dollar, borrowers in Saudi Arabia benefited from a prolonged period of low interest rates that facilitated balance sheet financing. Bank lenders commonly require borrowers in construction to forward security in the form of pledges over real estate or stock. Security interest in real property is acquired through a contractual pledge perfected through the registration of the security interest on the property title deed through the office of a notary public. Security interest in stock or other movable assets such as shares or physical assets is perfected through registration at the Unified Centre for Lien Registration maintained at SAGIA and governed by the Commercial Pledge Law.31
In project financing, project sponsors are commonly requested to provide completion guarantees to fund project cost overruns. The creditworthiness of project offtakers is also commonly examined, and financiers are likely to require offtaker payment guarantees from large affiliates of offtaker special purpose vehicles or trading companies. Security commonly includes project assets and floating liens over project receivables. Security pledges in contracts, including loan agreements, are commonly recognisable and enforceable pursuant to the laws of the country.
Floating liens over receivables are commonly achieved through obtaining security interest on designated bank accounts opened and maintained at a pledgee bank as security agent.
Step-in rights with respect to projects are legally enforceable but are not commonly exercised. Lenders generally prefer to enforce security over assets they may transfer quickly and at low costs.
vi BONDS AND INSURANCE
Construction contracts, public and private, commonly include a requirement on the contractor to post a performance guarantee in the form of a bond callable on a local bank in Saudi Arabia. Contractors also commonly post bonds to secure advance payments made by the employer or owner to the contractor. Bank bonds are generally issued by banks in the country following standardised language resembling a form published by the bank regulator, the Saudi Arabian Monetary Authority.
Insurance for property, general liability, worker's compensation, and health are readily available through insurers in Saudi Arabia, and are commonly required by employers in significant construction contracts. Project and construction insurance is also commonly obtained in large projects, but mainly through foreign insurers or reinsurers working through insurance brokers.
vii ENFORCEMENT OF SECURITY AND BANKRUPTCY PROCEEDINGS
Outside bankruptcy proceedings, and with respect to most types of collateral, the secured lender's enforcement of a pledge over collateral requires the lender's application to the general court of applicable jurisdiction to force the sale of collateral and payment of loan amount. The procedures for the enforcement of a security interest given in publicly listed stocks, however, may vary depending on the authority contractually granted to the portfolio custodian.
Bankruptcy proceedings in the country are simplified and aim at administering a guided settlement of debtor's obligations. Pursuant to the Bankruptcy Preventive Settlement Law,32 the process for settlement may be initiated by the debtor33 and is guided by designated committees at local chambers of commerce.34 Secured lenders may be exempted from settlement proceedings to the extent of their preference with relation to the collateral.35 A more detailed bankruptcy law that sets out procedures for liquidation and reorganisation is in the final stages of preparation and legislation.
viii SOCIO-ENVIRONMENTAL ISSUES
i Licensing and permits
The General Environmental Law36 requires government bodies overseeing the permitting of projects in Saudi Arabia to require project owners to undertake an environmental impact assessment study during the feasibility study phase of the project for all projects that may yield a negative environmental impact.37 Guidelines for these impact assessment studies are set out in Appendix 2 (Standards and Procedures for Assessing Environmental Impact for Industrial and Development Projects) of the Law's Implementation Rules. The environmental impact assessment study is subject to the approval of the General Authority of Meteorology and Environment Protection.38 In addition, persons overseeing projects with negative environmental impact are required to put in place contingency plans to prevent or mitigate negative environmental impact and to ensure their ability to execute these plans where needed.39
ii Equator Principles
We are not aware of rules or guidance from a relevant Saudi government body relating to the Equator Principles. Our search of the list of members did not yield any financial institutions in the country that had adopted the Equator Principles.40
iii Responsibility of financial institutions
Generally, project lenders are not considered entities responsible for project compliance with applicable regulations, including social or environmental regulations. We are not aware of any instances where financing parties were found responsible for project performance or impact.
ix PPP AND OTHER PUBLIC PROCUREMENT METHODS
Saudi Arabia does not have a specific law governing PPPs, which are further restricted because of the requirements of the Government Tenders and Procurement Law that mandate the use of Ministry of Finance approved contract forms in government contracting.41 As stated previously, however, a number of PPP models have been deployed in the country, and it is expected that the use of these models will accelerate in the coming period as a result of the reduction in oil revenues. In addition, and with the launch of the NCP, it is highly anticipated that the legal frameworks for PPP models will be defined and shaped.
Existing PPP transactions have utilised a number of structures to navigate the requirements of the Government Tenders and Procurement Law. An imperative consideration regarding these structures is the government body's authority to enter into contracts or carry out works outside the reach of the Government Tenders and Procurement Law. This authority may be pursuant to an express exemption granted based on Article 79 of the Law, or pursuant to alternative contracting arrangements such as contracting through an independent and exempt government authority or through a government-owned company. In the past few years, we have witnessed a rise in the utilisation of the latter of these approaches in relation to the execution of PPP in the energy, healthcare and housing sectors. However, a case-by-case review of the proposed PPP structure and the legal authority it relies on is commonly undertaken by project stakeholders.
ii Public procurement
The Government Tenders and Procurement Law regulates the government's procurement of products and services. The Law aims at curtailing corruption and personal influence, and effectively administering public spending through competition and equal opportunity.42 With these aims, the Law requires government entities to procure goods and services through a public bid process, save for certain express exceptions.43 It mandates the publication of tenders44 and the equal treatment of qualified bidders.45
The Law gives preference to national goods and services produced in Saudi Arabia.46 The bidding procedures mandated by the Law reflect common corporate practices, including the submission of sealed bids for opening on a pre-specified date,47 the submission of bid bonds,48 and review by a specialised review committee.49 Submitted bids must be valid for 90 days.50 The tendering government body must consider the review committee considerations and award the tendered contract within the bid validity period.51
x FOREIGN INVESTMENT AND CROSS-BORDER ISSUES
Saudi Arabia is a member of the World Trade Organization with a generally permissive cross-border trade regime. Investors looking to establish a permanent presence in Saudi Arabia must be licensed by SAGIA.52 The Law allows 100 per cent foreign ownership of foreign investment in most sectors, including contracting services and EPC.53 Of relevance is the exclusion from the foreign investment allowance of real estate investment in the holy cities of Mecca and Medina. Foreign investors in the country may conduct business using one of the following forms of entity:
- a limited liability company;
- a branch;
- a joint stock company (open or closed);
- a temporary commercial registration;
- a professional company; and
- a technical scientific services office.
SAGIA licensing procedures classify foreign contractors according to their size and capabilities, and this classification determines the contractors' public tender participation. Upon obtaining a foreign investment licence, the foreign investor proceeds to form the commercial entity in the same manner as any local investor. The Foreign Investment Law provides that foreign-owned entities shall receive the same benefits, incentives and guarantees enjoyed by nationally owned entities pursuant to applicable regulations.54
In 2017, SAGIA amended the procedures applied to issue a foreign investment licence to simplify and reduce the documentary submission requirements, and launched an initiative titled 'the 10 minute licence' for publicly listed companies looking to invest in Saudi Arabia.
i Removal of profits and investment
The Saudi riyal exchange rate to the US dollar is fixed and maintained by the Saudi government, providing for ease of cross-border transfers, liquidity and exchange rate stability. This also allows for holding and transacting in foreign currencies in the country, and local banks commonly maintain bank accounts in a number of major currencies such as the US dollar, euro and British pound. Foreign investors are free to repatriate all profits, capital gains, distributions and proceeds or use them as they see fit.55 Distributions of profits to a foreign party, however, are subject to withholding tax at the rate of 15 per cent.
In addition, Saudi Arabia has signed more than 30 double taxation treaties that may provide for lowering the effective tax rate with respect to distributed profits.56
xI DISPUTE RESOLUTION
i Special jurisdiction
Construction and contractual disputes are considered commercial disputes within the general jurisdictions of the commercial courts of Saudi Arabia (currently under the Board of Grievances).57 The foregoing notwithstanding, the competent body to hear any dispute related to banking activities by or against banks in the country is the Committee for Banking Disputes, a committee operating under the Saudi Arabian Monetary Agency.58 The Committee holds special jurisdiction to hear disputes relating to bank guarantees or bank collateral enforcement in project financing; it does not, however, have jurisdiction to review underlying contracts.59
Parties in large construction projects in the country often prefer to resort to arbitration as the exclusive method of dispute resolution. Such a choice would be binding pursuant to Article 11 of the Arbitration Law.60
ii Arbitration and ADR
Arbitration and alternative dispute resolution procedures are commonly utilised in Saudi Arabia, especially in large construction and project undertakings where specialised knowledge and expertise is desired in the adjudicating tribunal. Arbitration clauses in contracts are generally enforceable pursuant to the Arbitration Law.61 Parties should note, however, that government bodies are restricted from using arbitration as a means to resolve disputes in the absence of approval from the Prime Minister (a position held by the King).62 This restriction can impact construction and financing projects to which the government is a party.
Saudi Arabia recognises and enforces arbitral awards issued in a country that is a signatory to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention)63 or other countries based on reciprocity principles including through the GCC Convention on the Enforcement of Judgments and Judicial Representation and Notices64 or the Arab League Convention for the Enforcement of Judgments of 1952. Saudi Arabia is also a contracting state of the Convention on Settlement of Investment Disputes. The enforcement of arbitration awards, foreign and domestic, by Saudi courts is, however, limited to the extent that the awards do not violate shariah principles or public policy.65 In relation to these provisions, parties are commonly advised that an arbitral award of interest or amounts corresponding to interest are not likely to be enforceable in the country because the payment of interest violates the shariah principle prohibiting usury.
xii OUTLOOK AND CONCLUSIONS
Saudi Arabia has witnessed a construction boom for nearly a decade on the back of high oil prices, but with prices more than halving in 2014, and remaining in the US$30–US$55 per barrel range throughout 2017, the country's development and construction agenda was questioned in light of the significantly reduced oil revenues. The resultant increase in risk was evidenced by the severe reduction in infrastructure spending and contract awards witnessed in 2016 and early 2017. Nonetheless, because of a number of socio-economic factors, including demographics and GDP diversification, Saudi Arabia is in the process of reorganising its spending programmes and planning a new model for continued growth and development.
The announced Vision 2030 and NTP 2020 produced new plans for government leadership in relation to growth, and resulted in calls for an increase in alternative project financing and PPP arrangements. This has already resulted in the establishment of the NCP, and is expected to accelerate PPP projects, especially in the transport and logistics and power sectors, which will lead the government's effort to set in place workable and bankable structures for the deployment of projects outside the traditional government tender procedures. A number of legal initiatives announced at the end of 2017 and early 2018 are also expected to further accelerate the return to growth, most notably the anticipated Bankruptcy Law and the revised Commercial Liens (Pledge) Law.
With regard to the private sector, reassessment of contracting procedures is taking place to account for a period of more restricted cash flow, including a move towards documentation and the use of internationally recognised contract forms, such as those produced by FIDIC and similar institutions. Risk assessment and management is increasingly on the radar of employers, contractors and financing banks, and this is expected to result in a drive towards better documentation, better contract management and, hopefully, better project results.
Regarding 2018 and the immediate future, a return to higher levels of public spending is expected, with a spending budget of 978 billion Saudi riyals – a record for the country – with infrastructure spending nearly doubling that of 2017, but similarly led by military and education spending. The construction-heavy infrastructure and transportation sectors are expected to be significantly buoyed with 54 billion riyals in planned spending. The table below lists the government's planned spending by sector for the fiscal year 2018.66
Budget allocation in riyals (billions)
Percentage of total budget
|Security and regional administration||
|Health and social development||
|Economic resources and public programmes||
|Infrastructure and transport||
1 Abdulrahman M Hammad is a partner at Hammad & Al-Mehdar Law Firm.
6 Information published by the Organization of Petroleum Exporting Countries (OPEC) at
7 Paul, El Gamal 'Saudi Boosts Spending, Slow Austerity Drive in 2018 Budget', 19 December 2017; published at https://www.reuters.com/article/us-saudi-budget/saudis-boost-spending-slow-austerity-drive-in-2018-budget-idUSKBN1ED2FB.
8 Oxford Business Group, 'Economy', in 'The Report: Saudi Arabia 2018', p. 40.
9 Oxford Business Group, 'Country Profile', in 'The Report: Saudi Arabia 2018', p. 19.
11 Id, at 20 and 32.
12 Oxford Business Group, 'The Economy', in 'The Report: Saudi Arabia 2018', p. 38.
13 Oxford Business Group, 'Construction and Engineering Overview', in 'The Report: Saudi Arabia 2016',
14 Oxford Business Group, 'Real Estate and Construction Overview, in 'The Report: Saudi Arabia 2018',
15 Id. at p. 311.
16 Al Shaikh, et. all 'NCB – Saudi Arabia's 2018 Budget Report' 19 December 2017; published at
19 Oxford Business Group, 'Real Estate and Construction Overview, in 'The Report: Saudi Arabia 2018',
21 Saudi Arabian General Investment Authority, SAGIA Guide, Section 01.03 (publication of March 2015), as varied by SAGIA publication dated 15 February 2016.
22 Saudi Arabia General Investment Authority 'Services Manual' 6th Ed. (December 2017).
23 Kingdom of Saudi Arabia National Transformation Program 2020. Published at
24 Issued pursuant to Royal Decree No. M/58 dated 4/9/1427 H (corresponding to 27 September 2006 G).
25 Ministry of Finance, available in Arabic at https://www.mof.gov.sa/Arabic/Pages/ServicesDirectory.aspx.
26 Article 79, the Government Tenders and Procurement Law.
27 Kingdom of Saudi Arabia National Transformation Program 2020, p. 63. Published at
28 Issued pursuant to Royal Order No. A/91 dated 27/01/1412 H (corresponding to 8 August 1992 G).
29 Issued pursuant to Royal Decree No. M/1 dated 5/1/1421 H (corresponding to 10 April 2000 G).
30 Issued pursuant to Royal Decree No. M/15 dated 11/3/1424 H (corresponding to 13 May 2003 G).
31 Issued pursuant to Royal Decree No. M/75 dated 21/11/1424 H (corresponding to 14 January 2004 G).
32 Issued pursuant to Royal Decree No. 16, dated 4/9/1416 H (corresponding to 25 January 1996 G) and its Implementing Regulations issued pursuant to Ministerial Decision No. 12 dated 14/7/1425 H (corresponding to 30 August 2004).
33 Article 1, Bankruptcy Preventive Settlement Law.
34 Article 1, Bankruptcy Preventive Settlement Law Implementing Regulations.
35 Article 9, Bankruptcy Preventive Settlement Law.
36 Issued pursuant to Royal Decree No. M/34 dated 27/8/1422 H (corresponding to 14 November 2001 G).
37 Article 5, General Environmental Law.
38 Article 5-4, Implementing Rules of the General Environmental Law.
39 Article 9-3, General Environmental Law.
40 Search carried out of the list published at www.equator-principles.com/index.php/members-and-reporting on 1 May 2018.
41 Article 29, Government Tenders and Procurement Law.
42 Id. at Article 1.
43 Id. at Article 6.
44 Id. at Article 7.
45 Id. at Article 3.
46 Article 6, the Foreign Investment Law.
47 Article 10, Government Tenders and Procurement Law.
48 Id. at Article 11.
49 Id. at Article 16.
50 Id. at Article 12.
51 Id. at Article 20.
52 Article 2, the Foreign Investment Law.
53 See Article 3, the Foreign Investment Law and the Negative List published by SAGIA.
54 Id. at Article 6.
55 Id. at Article 7.
57 Article 35, The Shariah Litigation Law issued by Royal Decree No. M/1 dated 22/1/1435 H (corresponding to 25 November 2013 G).
58 Article 1, 3, Royal Order No. 729/8 dated 10/07/1407 H (corresponding to 10 March 1987 G).
59 Principle No. 8, 20.7, Committee for Banking Disputes Principles 1408 H–1424 H (1987 G–2003 G).
60 Issued pursuant to Royal Decree No. M/34 dated 24/5/1433 H (corresponding to 16 April 2012 G).
61 Article 11, the Arbitration Law.
62 Article 10, the Arbitration Law.
63 Saudi Arabia acceded to the New York Convention by Royal Decree No. M/11 dated 16/7/1414 H (corresponding to 29 December 1993 G).
64 Acceded to by Royal Decree No. M/3 dated 28/4/1417 H (corresponding to 11 September 1996 G).
65 Article 55 of the Arbitration Law and Article 9 of the Enforcement Law.
66 2018 Budget: Kingdom of Saudi Arabia, p. 69. Published at