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Saudi Arabia

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The Saudi Arabian Monetary Authority (SAMA) announced on 03 March 2020 that it had decided to cut the Repo rate by 50-basis points from 2.25% to 1.75% and Reverse Repo rate by 50-basis points from 1.75% to 1.25%. In the interests of preserving monetary stability, the Repo rate and the Reverse Repo rate were reduced by a further 75-basis points on 16 March 2020 from 1.75% to 1.00%, and 1.25% to 0.50% respectively. On the…

To navigate the most-pressing issues facing multinational employers amid the COVID-19 pandemic, the Baker McKenzie COVID-19 Global Employer Guide offers jurisdiction-specific guidance across 41 countries including in Egypt, Saudi Arabia and the United Arab Emirates. Download the Guide now to read the latest employment law guidance on issues including: legal requirements, practical and operational considerations, and emerging government regulation related to the outbreak. For more information on the virus’ multidisciplinary business and legal implications for your company, visit Baker McKenzie’s Coronavirus Resource Center and contact your Baker…

What has changed? The Ministry of Commerce and Investment in Saudi Arabia (MoCI) adopted the Implementing Regulations of the E-Commerce Law, with immediate effect on 31 January 2020, to accompany the recent shift towards electronic transactions that commerce is experiencing globally which helps achieve the strategic objectives of Vision 2030. Objectives The new regulations aim to (i) increase confidence in e-commerce transactions; (ii) provide consumers necessary protections against fraud, deception and misinformation; and (iii) boost…