Salman Al-Sudairi

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Following last month’s announcement by the Saudi Arabian Capital Market Authority (the CMA) of its proposal to permit participation by qualified financial institutions directly on the Kingdom’s stock exchange (the Tadawul), the CMA has now published its Draft Rules for public consultation.

The Draft Rules include detailed provisions relating to qualified foreign investor (QFI) eligibility, assessment and approval process of investment applications by QFIs, investment limits on shares and the procedure for applications. The Draft Rules represent a significant…

In a long anticipated measure, the Saudi Council of Ministers (which is the highest authority in the Kingdom) issued a resolution on 21 July, 2014 authorizing foreign financial institutions to directly buy and sell stocks listed on the Saudi Stock Exchange (Tadawul). The resolution also authorized the Saudi Capital Market Authority (the “CMA”) to set the timing and rules for such participation. On July 22, 2014, the CMA announced that it will publish draft rules for foreign …

The King Abdullah City for Atomic and Renewable Energy (K.A.CARE) has recently published its consultation white paper for the “Proposed Competitive Procurement Process for the Renewable Energy Program.” The paper outlines the Competitive Procurement Process (the CPP) contemplated by K.A.CARE for solar, wind, geothermal and waste to energy projects in the Saudi Arabia. The publication of the white paper (which is noted to be under development) is an important step in the much anticipated development of renewable energy …

GCC-based family businesses are increasingly looking towards the US commercial real estate market for potential investments. Latham & Watkins recently hosted a seminar in our Abu Dhabi, Dubai, Doha and Riyadh offices to discuss how GCC investors typically structure US commercial real estate investments and what US tax considerations businesses should keep in mind. A panel of four-US based real estate specialists (Richard Kleinman, Associate Director, LaSalle Investment Management, and Latham partners Michelle Kelban, Nathaniel Marrs and Alan Van…

Family-owned businesses continue to drive commercial activities in the economies of the Middle East. According to recent statistics, in the Gulf Cooperation Council (GCC) region alone, family businesses control over 90% of commercial activity.

Today, family businesses are confronted with numerous challenges in the changing economic environment, including governance, globalisation, technology, generational change and innovation.

As family-owned businesses in this region continue to play a major role in the economy, their success going forward depends on their ability to tackle…