<\/p>\n
Minister of Commerce and Industry Dr. Tawfiq bin Fawzan Al-Rabiah said that the new Companies Law comes as one of the most prominent developmental economic regulations issued by the state to provide an incubating and stimulating regulatory environment for initiative and investment, with the aim of enhancing the value of companies, developing their activity and contributing to the national economy. He pointed out that the new system will reduce the cost of procedures and encourage initiative in commercial activity, enhancing the Kingdom's pioneering position and competitive advantages, and encouraging investments by entrepreneurs and small and medium enterprises.<\/p>\n
The Minister of Commerce and Industry pointed out that the new law provides the appropriate legal framework for fair and sound practices of corporate governance principles that enshrine the concepts of institutional work, support the growth and continuity of economic entities, as well as improve the performance of enterprises and the integrity of commercial transactions through the application of sound and fair standards regarding transparency and disclosure and the role of shareholders' associations and boards of directors in formulating corporate strategies and their responsibilities for corporate activities.<\/p>\n
The new law details the roles of the supervisory and regulatory bodies over companies, stating that the Ministry of Commerce and Industry has jurisdiction over all companies, except for shareholding companies listed on the Saudi Stock Exchange, where the Capital Market Authority (CMA) has jurisdiction over them.<\/p>\n
In the same context, Al-Rabeeah extended his thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, His Royal Highness Crown Prince Mohammed bin Nayef bin Abdulaziz, and His Royal Highness Deputy Crown Prince Mohammed bin Salman bin Abdulaziz on the occasion of the Cabinet's approval of the new Companies Law at its recent session.<\/p>","protected":false},"excerpt":{"rendered":"
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