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ALF Law Firm PLLC is very excited to meet you all at LEAP 2023 @ Riyadh, KSA while Its team represent it with its managing partner Abdullah Nafia Alanezi. It also honoured to cooperate with Digital Investors (DI) as a supervisor for the gala dinner that guested by Co-Hub company for commercial services on the sideline of LEAP 2023 . ALF hope to meet you all.
The approval of the real estate brokerage law, which aims to regulate real estate brokerage and real estate services in the Kingdom of Saudi Arabia, and the law will be implemented after one hundred and eighty days from the date of its publication in the Official newspaper.
The new Saudi Companies’ Law was approved by the Council of Ministers on Tuesday, June 29, 2022. The law was the outcome of the work of more than two and a half years covering the entire phases of evaluation, studying the international practices, analysis, formulation of policies and draft of the law.
The Committee for the Settlement of Conflicts of Jurisdiction at the Supreme Judicial Council issued its decision with the competence of the General Courts to consider the private right in cases of slander, insult and cursing on social media.
The council of ministers has approved of the amendments applied to the code of law practice, which was issued under the Royal decree number (M / 38) on 28/07/1422 H; in regards of licensing of lawyers as well as regulating the practice of international law firms in the Kingdom. All in effort of raising the bar for the legal practice in the Kingdom, and making the profession more efficient for those who practice it.
The Ministry of Justice launched the “Financial Report” service for execution applications through a portal. The service aims to enhance and support the business sector and companies, where the company’s legal representative can search for financial deposits with the commercial registration number to know the financial movements received by the company’s account regarding all its execution requests, with simple steps through Najiz portal electronically without the need to visit the enforcement court.
Legal advice: The office provides legal advice through a selection of lawyers who create possible and appropriate legal solutions for clients
Establishment of companies: We provide our clients with legal information that helps them make the appropriate choice for the type of company to be established
We provide trademark and intellectual property registration services in Saudi Arabia, and we have a network of professional relationships that enable us to do so in the UAE and the Gulf countries under the supervision of a group of experts and specialists in law who have a long history in this field at the knowledge and professional level.

The Kingdom of Saudi Arabia as a strategic regional option for international law firms

In light of the Council of Ministers Resolution No. 386 dated 7/14/1443 AH corresponding to 03/01/2022 AD regarding the approval of the recent amendments that dealt with the legal system issued by Royal Decree No. (M/38) dated 7/28/1422 AH corresponding to 10/15/2001 AD, which singled out a special chapter for licensing foreign law firms, as these firms are racing to move and search for opportunities for themselves to be able to have a regional and strategic presence in the Kingdom of Saudi Arabia.

It is no secret to anyone that the Kingdom of Saudi Arabia is one of the largest exporters of crude oil in the world, as well as possessing oil reserves that are among the largest in the world, in addition to the wealth of natural gas and mineral resources and other vast wealth. Moreover, the development and diversification of the economy is one of the main objectives of the Kingdom’s Vision 2030, as the vision focuses on deepening the integration of the Saudi economy into the regional and global system, and developing economic relations in these two systems. There is no doubt that the government of the Kingdom of Saudi Arabia, under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and his Royal Highness Prince Muhammad bin Salman, has sensed the importance of the existence of international foreign law firms in the kingdom, as they are important economic links to attract capital and companies, as they play an important role as the godfather of foreign investment, facilitator and regulator for the process of establishing foreign investments in the Kingdom, or assist Saudi investments in abroad through their branches around the world.

But if we talk about the legal services sector market in the Kingdom of Saudi Arabia, it is a fertile market and is still capable of absorbing a good number of international foreign law firms, and, in light of the recent amendments to the Code of Law Practice, the international offices, through their legally and correctly presence in the Kingdom of Saudi Arabia, will reap many advantages, for example but not limited to, we will address some of them:

– Foreign law firms will be able to serve their international clients who have a presence or desire to be present in the Kingdom of Saudi Arabia, as these international offices will have offices on the ground, stable and established in the Kingdom of Saudi Arabia in accordance with the regulations, which enhances the confidence of their clients in them and achieves sustainability.

– The participation in providing legal services in large qualitative projects taking place in the Kingdom of Saudi Arabia, which will need the expertise of such international law firms.

– Benefiting from the fact that the government of the Kingdom of Saudi Arabia intends to stop contracting with any foreign company or commercial institution that has a regional headquarters in the region outside the Kingdom, starting from 1/1/2024, and this includes governmental bodies, institutions and funds, or any of its agencies, as those international law firms whose regional branches will be located in the Kingdom will obtain a significant share of the Saudi legal services market.

– Contribute to the service of these international law firms for Saudi investments abroad through the spread of the branches of these firms around the world.

On the other hand, there are positive gains and effects that the Saudi market, as well as Saudi lawyers in particular, will obtain from entering these international law firms in light of the new amendments to the Code of Law Practice. These advantages include, for example, but not limited to:

– The contribution of these specialized foreign law firms to the revival of the Saudi economy through its leadership of foreign investment towards the Kingdom of Saudi Arabia and the strengthening of its position in it, especially if these firms are chosen with great care.

– Supporting the experiences of Saudi lawyers and blending them with international experiences through the transfer of legal knowledge and the means and tools of foreign legal work, which will contribute to the expansion of legal perceptions and the introduction of new and modern methods for Saudi lawyers according to the best international practices in law firms.

– Opening new specialized job opportunities for Saudi lawyers, whether through cooperation, partnership, or working in these international foreign firms.

– Correcting the situation of the international foreign firms currently present in the Kingdom by taking one of the regular forms of presence specified by the law, which regulates the revenues of these offices and preserves the rights of Saudi lawyers participating in these offices, and, on the other hand, preserves the rights of the foreign firms themselves and enhances the concept of governance in them.

In conclusion, we stress on the importance of the role played by international foreign law firms in promoting economic opportunities among the countries that these firms knock on their doors.

 

Abdullah Bin Nafia Alanezi

Managing Partner

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