Riyadh - Sharikat Mubasher: Saudi Arabia studies permitting foreign law firms to set up a professional company fully owned by non-Saudis, in a bid to boost foreign investment in the Kingdom, according to a recent statement by the National Competitiveness Center (NCC).
NCC sought public opinion on a proposal submitted by the Ministry of Justice to amend the first paragraph of Article 50 of the Kingdom’s Code of Law Practice to allow foreign law firms, licensed to practice the legal profession in the Kingdom, to establish a company, provide legal advice in Saudi regulation, and plead in courts with a registered Saudi lawyer.
The proposal aims to enhance the legal profession, increase the quality and efficiency of its practices, and localize global expertise.
The amendment project further targets enhancing the Kingdom’s competitiveness, improving its business environment, and increasing the efficiency of the justice system by raising the level of professionalism in the legal profession.
Moreover, the project aligns with Saudi Arabia’s goals of stimulating foreign investment and creating more qualitative direct and indirect job opportunities.
It is worth noting that Saudi Arabia issued 127 regional headquarters (RHQ) licenses during the first quarter (Q1) of 2024.
