Saudi Arabia bankruptcy law comes into effect

Analysts say the landmark regulations will draw further foreign investment to Riyadh

Night view of Riyadh,Saudi Arabia.

A landmark bankruptcy law that will help to attract foreign investment took effect in Saudi Arabia on Saturday, the country's Ministry of Commerce said.

The law, which was approved in February, will be enforced after the Eid Al Adha holiday. The ministry said the "measure aims to strengthen investor confidence".

The 231 articles include general regulations, preventive actions, measures for financial restructuring, and settlement procedures, all of which come as part of Riyadh's Vision 2030 – a programme that aims to reduce the kingdom's reliance on oil, boost foreign investments and promote business creation.

Analysts predicted that the new law would help to attract overseas investment, improve credit growth and allow the country's small businesses to thrive as the process of unwinding insolvent companies is simplified.

The regulations follow consultations with the private and public sectors, and more are likely in an effort to ensure proper implementation of the law.

In 2016, the UAE enacted similar legislation to deal with corporate insolvencies.

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