Incorporation of UPICC in Saudi Commercial Law and its Implications for Foreign Direct Investment

Abstract

Saudi Arabia, in its pursuit of (FDI) and economic diversification as outlined in Vision 2030, faces the challenge of aligning its commercial law with global standards. This study examines the extent to which Saudi Arabia has incorporated the (UPICC) within its legal framework and explores the implications for FDI. The dissertation delves into the core legal issues confronting foreign investors in Saudi Arabia, analysing key provisions of the UPICC and comparing them with corresponding provisions of Saudi commercial law. The impact, or lack thereof, of UPICC principles on Saudi foreign investment policy is evaluated, focusing on fostering legal certainty, transparency, and investor protection. Utilizing a doctrinal research method, the study dissects Saudi Arabia's Foreign Investment Act 2000, Executive Rules 2000, and Implementing Regulations 2014. The examination extends to international investment law and the UK's FDI framework as a benchmark for best practices. Recommendations are formulated to align Saudi Arabia's foreign investment policy with UPICC principles, thereby creating a more appealing business environment for foreign investors. By exploring these legal frameworks and international standards, this research contributes to Saudi Arabia's goal of attracting higher-quality FDI and fostering economic growth.