The Council of Ministers of the Kingdom of Saudi Arabia (KSA) approved the Civil Transactions Law on 13 June 2023. The new code aligns the Kingdom’s overhauled legal framework with Islamic principles derived from the Qur’an and the Sunnah.
The code focuses on various civil matters, including contracts, property rights, and dispute resolution, with the aim of fostering a predictable and efficient business environment.
By embracing these updates and adhering to international standards, Saudi Arabia aims to attract foreign investment, stimulate economic growth, and cater to the evolving needs of its society.
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