Saudi Shoura passes draft bankruptcy law

Updated 13 December 2017
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Saudi Shoura passes draft bankruptcy law

RIYADH: The Shoura Council on Monday approved the draft bankruptcy law which consists of 231 articles distributed over 17 chapters, including general provisions.

The draft law aims to regulate bankruptcy procedures for preventive settlement, financial reorganization, liquidation, preventive settlement for small debtors, financial reorganization for small debtors, liquidation for small debtors and administrative liquidation.

The provisions of this law will apply to any person who carries on business or profit-making activities in the Kingdom.

Such provisions shall also apply to commercial and professional companies, entities, organizations and non-Saudi investors.

In another resolution, the council also approved the draft law of transfer and Saudization of technology, submitted by council member Dr. Fahad Al-Anzi, based on Article 23 of the Council’s Law.

The draft law, which consists of 35 articles, aims to keep abreast of the advanced scientific and technical developments in various economic fields, enhancing Saudi Arabia’s own capabilities and enhancing the efficiency of its technical base as well.

It also aims to build the national capabilities and resources necessary to manage, use and develop the transferred technology, in addition to diversifying sources of income and encouraging innovation and development.


Huge free bus service to speed fans to the 2018 Saudia Ad Diriyah E-Prix action

Updated 11 December 2018
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Huge free bus service to speed fans to the 2018 Saudia Ad Diriyah E-Prix action

  • Multiple pick-up points around the city, at malls and hotels, with easy access to Ad Diriyah so ticket holders can relax and leave the car at home

RIYADH: One of the biggest free ‘Park & Ride’ public shuttle bus systems Saudi Arabia has ever laid on for an event will swing into action for the 2018 ‘Saudia’ Ad Diriyah E Prix, which gets underway this week.
The festival of Formula E racing, entertainment, international music acts and cultural activities starts on at 4pm Thursday December 13, at the stunning UNESCO heritage site of Ad Diriyah on the outskirts of Riyadh.
Plus, on the evening of December 13, Enrique Iglesias and Jason Derulo will kick off the first of three incredible nights of music concerts for Formula E ticket holders. The following day, December 14, Arab music legend Amr Diab and globally-renowned pop band Black Eyed Peas will delight the audience. And, on December 15, race day, following the exhilarating 2018 ‘Saudia’ Ad Diriyah E Prix, US smash hit OneRepublic and superstar DJ/producer David Guetta will bring the event to an electrifying finale.
Only fans holding tickets will be able to access the entire Ad Diriyah site including the race track, the concert arena and the complimentary concerts and the 180,000 sq m Allianz E Village.
So, with thousands set to descend on the site, officials are ensuring that fans can race to the action, with a huge network of free buses created to cut down on traffic and embrace more sustainable transport alternatives in keeping with Formula E’s message.

Prince Khalid bin Sultan Al Faisal Al-Saud, President of the Saudi Arabian Motor Federation, said: “Saudi Arabia is on a journey toward sustainability and Formula E’s message of renewable energy and working to minimize its environmental footprint is inspiring and important.
“We want Formula E to electrify and inspire the next generation of Saudis to embrace sustainable forms of transport.
“That’s why, in keeping with other Formula E races around the world, we’ll be encouraging ticket holders to take advantage of the ‘Park & Ride’. Cars trying to get to Ad Diriyah without specific access will not have access and will be directed to use the public ‘Park & Ride’. So, relax, leave the car at home, and leave the driving to us.
“Our partnership with Formula E is for the next decade and this is one small step we can take together. At SAMF we are committed to improving driving standards and driving conditions and encouraging responsible driving.”
Single day and three-day Grandstand ticket holders can benefit from a ‘Park & Ride’ service, which will operate from King Saud University, with space for up to 7,000 cars.
Plus, shuttle buses will operate a ‘City Park & Ride’ network from a number of locations across Riyadh with pick-up points at Al Faisaliah, Narcissus Hotel, the Hyatt Regency, Four Seasons, Fraser Suites, Holiday Inn Al Meydan, Holiday Inn Olaya, Aloft hotel, Burj Rafal Kempinski Hotel, Sheraton Riyadh Hotel, Executive KAFD Hotel, Movenpick Riyadh Hotel, Marriott King Saud Rd Hotel, Double Tree by Hilton Hotel, Panorama Mall and Riyadh Park Mall.
On each day it will begin operating an hour before Ad Diriyah opens. Shuttles start 3pm on Thursday (ahead of venue opening at 4pm), 1pm on Friday (venue opens 2pm) and finally 9am on Saturday (race day, venue opens 10am).
Uber, Careems or official taxis will be directed to a ‘drop off’ area in the general parking area.
Drivers without the official Formula E parking pass will not have access to Ad Diriyah and will be directed to use the public ‘Park & Ride’
If you are a Grandstand ticket holder, whether a single day or a three-day ticket holder, you need to purchase three tickets to qualify for one parking pass.
For every three Grandstand tickets purchased the buyer gets one pass into the general parking area.
If no parking pass, then you must use the ‘Park & Ride’.
Tickets are on sale here and are also available at Point of Sale units at Riyadh Park Mall, Oud Square and Doos Carting (only Grandstand tickets from Doos) and Seven Car Lounge.