Corporate governance is a system by which companies are directed, controlled and regulated, and it defines the relationships between the board of directors, management and owners of a company. The most notable concepts of corporate governance include the designation of responsibility, accountability, transparency and rights, and treatment of...
This chapter contains an outline of the legal framework in which local and foreign investors operate. It also contains information on the new companies law, regulations regarding the conduct of boards of directors and moves to protect minority shareholders. This chapter also contains an interview with Alex Saleh, Partner, Al Tamimi & Co.
Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.
Since its formation in July 2004, the Capital Markets Authority (CMA) has taken various measures to improve corporate governance and disclosure standards for Saudi Arabian public companies, which has also resulted in the improvement of such standards among private companies that may seek to be publicly listed in the future.
The growth of the Saudi economy over the last few decades has been nothing short of staggering, and today the country is one of the top 20 economies in the world. Historically, the hydrocarbons sector has dominated the economy, though growth in other segments, including industry, manufacturing, retail, trade and construction, has created...
One of the most challenging issues for investors in the Kingdom is how to adequately and commercially address the requirements of the Saudiisation policy. This is a particular challenge for foreign investors, who often have a harder time recruiting Saudi workers. The rationale behind the policy is clear: the Kingdom has a very young population...
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