This week the spotlight is on legal and regulatory developments in Saudi Arabia, where the National Centre for Privatisation and Public-Private Partnership has launched a consultation on a proposed PPP Law. The consultation ends on 29 July 2018. Following the three-week consultation, rules on foreign real estate ownership could be relaxed. The draft law outlines real estate ownership and labour law exemptions for foreign investors, amongst other prospective regulatory changes. If approved, bidders could also appeal PPP Government contracts within ten days though the relevant Government entity or the Centre’s website.
Elsewhere, the Capital Market Authority has issued the first two FinTech licenses in the Kingdom. The licenses have been issued to Riyadh-based start-ups Manafa Capital and Scopeer to provide crowdfunding investment services on a trial basis. The move is part of efforts to develop the FinTech sector in the country and the Authority will consider further license applications later in the year.