Riyadh: In an effort to enhance foreign investment, the Kingdom of Saudi Arabia (KSA) is considering allowing licensed foreign law firms to set up a professional companies fully owned by non-Saudis.
Taking to X account, Saudi National Competitiveness Center (NCC) sought public opinion on a Ministry of Justice (MoJ) proposal to amend Article 50 of the Kingdom’s Code of Law Practice.
The proposed amendment permits non-Saudi law firms to establish a fully-owned company, provide legal advice in Saudi regulations, and plead in courts with a registered Saudi lawyer.
The initiative aims to boost the legal profession, attract global expertise, improve competitiveness, enhance legal professionalism, create jobs, attract foreign investors, and encourage regional headquarters establishment.
In 2023, Saudi Arabia lifted the requirement for foreign law firms to work in the Kingdom independently, eliminating the need for sponsorship.
