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.


World applauds as Saudi women take the wheel

A Saudi woman and her friends celebrate her first time driving on a main street of Alkhobar city in eastern Saudi Arabia on her way to Bahrain on June 24, 2018. (AFP / HUSSAIN RADWAN)
Updated 25 June 2018
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World applauds as Saudi women take the wheel

  • As the de facto ban on women driving ended after more than 60 years, women across the Kingdom flooded social media with videos of their first car trips
  • The celebrations even reached as far as France, where Aseel Al-Hamad, the first female member of the Saudi national motorsport federation, drove a Formula 1 racing car in a special parade before the French Grand Prix at Le Castellet 

JEDDAH: The world awoke on Sunday to images and video footage many thought they would never see — newly empowered Saudi women taking the wheel and driving their cars.

As the de facto ban on women driving ended after more than 60 years, women across the Kingdom flooded social media with videos of their first car trips, while some police officers among the large number out on the streets distributed roses to the first-time drivers.

The celebrations even reached as far as France, where Aseel Al-Hamad, the first female member of the Saudi national motorsport federation, drove a Formula 1 racing car in a special parade before the French Grand Prix at Le Castellet.

“I hope doing so on the day when women can drive on the roads in the Kingdom of Saudi Arabia shows what you can do if you have the passion and the spirit to dream,” she said.

In a tribute to Saudi female drivers, the Lebanese soprano Hiba Tawaji released a special video of a song she performed live in Riyadh at a concert last December “Today women in Saudi Arabia can legally drive their cars,” she said. “Congratulations on this achievement, this one’s for you!”

Back home in Saudi Arabia, the atmosphere was euphoric. “It’s a beautiful day,” businesswoman Samah Algosaibi said as she cruised around the city of Alkhobar. 

“Today we are here,” she said from the driver’s seat. “Yesterday we sat there,” she said, pointing to the back.

“I feel proud, I feel dignified and I feel liberated,” said Saudi Shoura Council member Lina Almaeena, one of the first women to drive in the Kingdom.

She told Arab News that the event was changing her life by “facilitating it, making it more comfortable, making it more pleasant, and making it more stress-free.”

Almaeena urged all drivers to follow the traffic and road safety rules. “What’s making me anxious is the misconduct of a lot of the drivers, the male drivers. Unfortunately they’re not as disciplined as they should be. Simple things such as changing lanes and using your signals — this is making me anxious.

“But I’m confident: I’ve driven all around the world when I travel, especially when I’m familiar with the area. It’s really mainly how to be a defensive driver because you have to be.”