Riyadh: A new corporate law came into effect in Saudi Arabia. The law came into effect on Thursday. The new measure is aimed at strengthening the economy of Saudi Arabia. The law is designed to enable companies to grow and face challenges.
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It is estimated that the new corporate law can attract local and foreign investment, accelerate the growth of companies and achieve balance between shareholders. It will also lead to more international companies moving their headquarters to Saudi Arabia. In this way, it will be possible to monitor the establishments brought under the Uniform Act, provide necessary facilities and control them in emergency situations. The Act was formulated by the Ministry of Commerce and the Capital Markets Authority (CMA).
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