ARTICLE
20 February 2025

The Importance Of Developing Legislation To Achieve The Goals Of Vision 2030

ER
Eyad Reda Law Firm LLP

Contributor

Eyad Reda Law Firm LLP (ERLF) is a full-service legal practice in Saudi Arabia, with a diverse team and strong expertise in the country’s regulatory and cultural environment. We strive to be leaders in providing high-quality legal services, focusing on effective communication and collaborative relationships to ensure cost-effective, outstanding legal support.
This initiative has led to the establishment of the Financial Technology Laboratory program under the Capital Market Authority and the Regulatory Sandbox program under the Saudi Central Bank
Saudi Arabia Strategy

The Kingdom of Saudi Arabia has witnessed remarkable and sustainable development over the past few years within the framework of Vision 2030.

The development and modernization of Laws and Regulations have been among the most significant factors contributing to this progress, thereby cultivating an economy that encourages investment and innovation.

Legislation that Positively Impacted Vision 2030 Target Efforts.

Enhancing the Business Environment:

The existence of clear systems aligned with international standards in the business environment is essential for attracting investors and encouraging them to invest in the Kingdom, innovate, and contribute to economic growth. One of the most prominent examples is the new Companies Law, which is characterized by high flexibility in the establishment and management of companies, making it easier for investors to start and expand their projects, with tax exemptions and facilities offered to startups. The law also includes mechanisms to protect the rights of shareholders and partners, which enhances confidence in the investment environment. Additionally, the law allows the creation of a family charter for family businesses to regulate ownership and management, contributing to the sustainability of these companies across generations. Thus, the law provides more legal solutions for entities and individuals wishing to conduct their business in the Kingdom in a manner that aligns with their goals and resources.

Promoting innovation and economic development:

The "Fintech Saudi" initiative has contributed to the development of the financial sector and related legislation. This initiative was established in partnership between the Capital Market Authority and the Saudi Central Bank to support the development of the necessary infrastructure for the growth of the fintech sector and to assist entrepreneurs in advancing and developing their projects. This initiative has led to the establishment of the Financial Technology Laboratory program under the Capital Market Authority and the Regulatory Sandbox program under the Saudi Central Bank.

These programs aim to provide a regulatory space that allows creative minds in the fintech field to test their products and services. This has positively impacted several fintech companies in the Kingdom, improving the quality of financial services.

Achieving Sustainable Development Goals:

Saudi Arabia seeks to achieve sustainable development goals ("SDG"), and legislative development is considered an essential part of these efforts. This is accomplished by establishing advanced legal frameworks and creating government entities and initiatives aimed at protecting natural resources, promoting environmental sustainability, and achieving a balance between economic development and environmental conservation. Among the most notable examples of these initiatives is the Waste Management Law, which aims to regulate waste collection activities, and the establishment of the National Center for Waste Management, which seeks to lead the regulation of the waste management sector in line with sustainability principles and environmental protection. The 'Saudi Green Initiative" is another important initiative that supports sustainability by enhancing environmental protection and producing energy from renewable sources, offering an environmentally friendly alternative compared to non-renewable energy sources like oil and coal.

In conclusion, the development of legislation enhances the Kingdom's ability to achieve the goals of Vision 2030, where the clarity of objectives eases cooperation between various sectors to build a flexible and healthy economic and social environment. This, in turn, supports national talents and stimulates investment, contributing to the creation of a prosperous economy that enhances positive aspects socially, culturally, and athletically.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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