What is Al-Maarifa?
“Al-Maarifa” is the Arabic term for “The Knowledge” and it is also the name of our microsite that is exclusively dedicated to our Saudi Arabian practice. Al-Maarifa is a way for us to share our market-leading legal knowledge of the Kingdom with our clients in a unique and innovative way that demonstrates our commitment to always putting our clients first.
With a greater footprint in the Kingdom than any other international law firm, we are uniquely aligned with our domestic clients and our foreign clients looking to do business in the Kingdom. The combination of our history of advising both domestic and foreign clients on their largest and most significant deals in the region for over 40 years and our on-the-ground presence in Riyadh through our association with The Law Firm of Dr. Sultan Almasoud, provides our clients with access to an integrated team that has an intimate understanding of both the cultural and legal landscape of the Kingdom.
Who are we?
We have extensive experience across a broad range of practice areas, including project development and finance, mergers & acquisitions, foreign and domestic joint ventures, privatizations, private equity and Saudi corporate advisory, capital markets, dispute resolution and litigation in Saudi courts.
Who are we?
The New KSA Civil Code: Termination of Contracts
10/27/2023Prior to the new Civil Transactions Law of the Kingdom of Saudi Arabia (referred to as the “KSA Civil Code”), there were no detailed rules on termination (or faskh) at law in Saudi Arabia. As with other areas of Saudi law, the courts would interpret termination provisions in contracts in line with Sharia principles, as informed by various sources of jurisprudence.
The new KSA Civil Code now provides greater certainty through clear, codified provisions on how parties can terminate a contract, and the practical effects of such a decision on the parties’ contractual positions. This article sets out the key Articles within the KSA Civil Code which govern termination and rescission.
The New KSA Civil Code: Construction Contracts
In our first two articles in this series, we introduced the new Civil Transactions Law of the Kingdom of Saudi Arabia (referred to as the “KSA Civil Code”) and provided analysis of its key provisions relevant to forming contracts.
In this article, we consider the impact of the KSA Civil Code’s key provisions of particular interest to parties engaging in construction contracts in Saudi Arabia. These include both general contractual principles, as well as specific provisions related to contracts for service, known as Muqawala contracts.
The New KSA Civil Code: Forming a Contract
10/16/2023In our initial article in this series, we introduced the new Civil Code of the Kingdom of Saudi Arabia (referred to as the “KSA Civil Code”). This significant legislative milestone codifies the law governing the forming of a contract and related contractual principles within the Kingdom.
In this article, we examine the general provisions of the new KSA Civil Code relevant to the formation of a contract and highlight the key considerations to keep in mind.
Introducing the New KSA Civil Code
10/12/2023On 19 June 2023, the Kingdom of Saudi Arabia enacted the Civil Transactions Law in Cabinet Decision No. 820/1444 (the “KSA Civil Code” or the “Code”) by Royal Decree M/191/1444. The Code, which enters into force on 16 December 2023 (Jumada II 3, 1445 AH), marks a significant step forward in Saudi Arabia’s legal landscape as it seeks to integrate Islamic principles into modern legal concepts, aiming to streamline transactions and promote economic growth. The KSA Civil Code covers a range of topics, from contracts and property rights to financial transactions and dispute resolution.
Taking Security in the Kingdom of Saudi Arabia
08/27/2020The Kingdom of Saudi Arabia is a nation with significant requirements for soft and hard infrastructure. Historically, the responsibility for procuring this infrastructure has been borne by the Government. However, in conjunction with the development of the Kingdom’s vision for social reform and economic diversification (Saudi Vision 2030), the Kingdom is rethinking how it will meet its infrastructure requirements in the future.CATEGORY : Projects
Taking Security in the Kingdom of Saudi Arabia
01/24/2018The Kingdom of Saudi Arabia is a nation with a vast and growing population of over 30 million people and significant requirements for soft and hard infrastructure. Historically, the responsibility for procuring this infrastructure has been borne by the Government, but the oil price decline and reduction of hydrocarbon export revenues, which has resulted in the development of the Kingdom’s vision for social reform and economic diversification away from dependence on hydrocarbon export revenues (Saudi Vision 2030), has forced the Kingdom to rethink how it will meet its infrastructure requirements in the future. As well as calling for a greater focus on the development of non-oil and gas-related industries (which creates additional infrastructure demand in and of itself), Saudi Vision 2030 calls for greater participation by the private sector (i.e., through the use of “public private partnerships” and other models where private sector participants bear funding responsibility) in developing the Kingdom’s infrastructure. This increased participation by the private sector can be expected to result in a spike in the use of limited recourse debt finance. Although many limited recourse debt financings have been successfully closed in the Kingdom, the laws of the Kingdom have, historically, presented some challenges for lenders seeking a robust security package in connection with limited recourse debt financings that is comparable to security packages seen in other jurisdictions.