Saudi Arabia’s PPP law to make a difference to investor appeal
Posted on 29th June 2018
According to *Tradearabia news report, Saudi Arabia’s much-anticipated plans to bring in a private-public partnership (PPP) law will “make a difference” to the investor appeal of the kingdom, said a report citing senior lawyers.
While Saudi Arabia has completed a number of infrastructure projects using a PPP structure such as the Madinah Airport scheme in 2012 the country still lacks specific regulations to govern such developments, reported Arab News.
The long-awaited PPP legislation is part of a wider push by Saudi Arabia to encourage more private participation in the economy and is in line with its Vision 2030 and the National Transformation Program, it stated.
"This law will regulate for the first time the role of the private sector in terms of partnering with the public sector,” remarked Najem Al Zaid, one of the founding partners of Riyadh-based ZS&R law firm which recently sealed a partnership deal with law firm Hogan Lovells.
With this tieup, Hogan Lovells, which already has a base in Dubai, UAE, has entered the lucrative Saudi market.
The duo will join forces to work together in areas such as energy, construction, engineering and transportation sectors, drawing on their previous experience of advising on PPP projects, said the Arab News report.
“By teaming up we will be able to serve the market even better with high-quality service, and at same time seize opportunities and be part of the transformation plan that is going on in the Saudi market,” stated Al Zaid.
The transport and newly emerging entertainment sector are offering particularly interesting opportunities, said Turki Alsheikh, a lawyer at ZS&R.
According to him, the two firms advised on the first theatre licence in the kingdom following Crown Prince Mohammed bin Salman’s decision to lift the 30-year ban on cinemas at the end of last year.
Hogan Lovells and ZS&R are also advising on the planned Saudi Rail Law, as well as working on the ongoing SR3 billion ($799.5 million) Makkah Metro Transit Company’s bus project.
The expansion of Saudi Arabia’s capital markets offers further opportunities for the law firms, he added.
*News source: http://tradearabia.com/news/CO...Back to all Construction News
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