By balancing regulatory change with an unparalleled surge of creativity, Saudi Arabia is pursuing an ambitious plan to establish itself as a global center for tech companies. Entrepreneurs and legal experts believe the Kingdom is at a turning point in its efforts to establish a stable and competitive business climate as it rushes to diversify its economy and lessen its reliance on oil.
The managing partner of Lloyd & Mousilli, Feras Mousilli, called the rate of change “amazing. According to the Arab News in an interview that Saudi Arabia’s regulatory environment is changing at a remarkable rate and that the government’s new legislation clearly aim to support its Vision 2030 objectives, which include lowering obstacles, enhancing transparency, and competing worldwide for technological innovation.
However, as new frameworks gain traction, entrepreneurs still struggle with the conflict that results from balancing rigorous compliance obligations with fast innovation. The Capital Market Authority and the Saudi Central Bank have been important architects of this change in recent years.
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