INTERVIEW: A female lawyer at the peak of a man’s world

Illustration by Luis Grañena
Updated 13 October 2019
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INTERVIEW: A female lawyer at the peak of a man’s world

  • Basma Khashoggi is one of a growing number of Saudi women who have chosen the law as their career, and who are changing the perception of the legal profession within Saudi Arabia

DUBAI: The law is a tough profession. In Saudi Arabia, it has its own particular challenges. To be a woman in that environment is especially demanding.

Basma Khashoggi has met those challenges and overcome them. She is head of the Jeddah office of DLA Piper, one of the biggest law firms in the world, and has made it in what for many years was regarded as the ultimate “man’s world.” It all started almost by accident.

“There’s a perception of lawyers that they’re all hard-working and dedicated people, but my ambition really grew out of being bored at school and asking the teachers lots of questions all the time,” she told Arab News.

“The other students called me ‘the lawyer’ because I guess it seemed like I was cross-examining the teachers, and that was the start of it,” she said.

“I have a second cousin who’s a lawyer, but there’s no real tradition of law in my immediate family.”

But Khashoggi had to leave the Kingdom to realize her ambitions. “I went to study in England because at that time law wasn’t taught at Saudi universities to females, and when I came back to Saudi Arabia the Justice Ministry still hadn’t licensed women to be lawyers,” she said.

“But that challenge presented opportunities. In order to progress with my career, I prepared and passed the bar exam in New York. Coincidently, I got licensed six years ago in both jurisdictions in the same month.”

That puts Khashoggi in a unique position to comment on the big changes going on in the Kingdom and in its fast-changing legal system.

She is one of a growing number of Saudi women who have chosen the law as their career, and who are changing the perception of the legal profession within Saudi Arabia.

“I’m by no means the first female lawyer who has had to adapt to a male-dominated industry. The profession is becoming much more comfortable with the idea. The chief legal counsel to the Public Investment Fund (PIF) is a female, for example,” Khashoggi said.

“The clients are also becoming more used to the idea of being served by Saudi female lawyers, which may have not aligned with their previous perceptions of Saudi females.”


BIO

Born: Jeddah

Education

  • University of Essex, bachelor of law.
  • School of Oriental and African Studies, London, master of international and commercial law.
  • New York Bar.

Career

  • Senior legal consultant.
  • DLA Piper, legal director and head of Jeddah office.

Khashoggi is finding it challenging to keep pace with the changes that are rolling across the Kingdom as the Vision 2030 reform plans unfold.

“I guess one of the biggest differences that’s apparent now is that I can drive — except that I don’t. I just haven’t found the time to get a license, but I intend to sometime soon,” she said.

“What I think is more significant about the changes under Vision 2030 is that they’ve been across the board, not just confined to certain sectors. They’ve been economic and financial but also social and cultural, affecting all areas of a citizen’s life,” she added.

“Saudi people are allowed to experience the changes themselves, directly. It feels like it’s part of a much larger plan to transform society, which of course it is.”

Some conservative critics have suggested that the changes are coming too fast for a traditional society, but Khashoggi disagrees.

“I’m from the generation that came just before what’s now the largest demographic, the under 25s. A majority of people now want the changes to take place as quickly as possible,” she said.

“Some people will be opposed to the changes, but I don’t really think they’re in a majority or even a big minority,” she added.

“Young people now have far more access to information, via the internet and social media, than my generation ever had. The Saudi Arabia I grew up with isn’t the one that they’ll know in the future.”

The law has had to adapt fast to keep up with the huge social, cultural and economic changes under way. Can it change fast enough?

“The government is preparing the people for change via different building blocks of the social and economic system, and one of them is legislative reform,” Khashoggi said.

“There have been new laws virtually every month, but it has been an interactive process, designed to get feedback from the public on the proposed changes,” she added.

“For example, we’ve seen legislating via public consultation in the medical field due to its technical nature. Previously, the Health Ministry would go to the pharmaceutical industry to consult about the proposals, but now most ministries will consult all the relevant stakeholders in their respective fields,” she said.

“There has been a raft of new laws in the corporate sector — a bankruptcy law, new company law, procurement law, arbitration and resolution laws. It has been challenging trying to keep up with it all.”

Privatization of the previously dominant government sector has been one of the areas prioritized under Vision 2030, but some critics complain about a lack of progress in selling off state-owned industries. Khashoggi thinks it will all come in time.

“There has been a long period of preparation for new privatization laws, and it’s essential to get this right, so although the law hasn’t been issued, there has been a lot of work going on behind the scenes,” she said.

“There’s already a process in place for privatization in water, electricity, airports, and other parts of the industrial infrastructure,” she added.

“The Saudi Aramco privatization will, I’m sure, have a positive impact on the whole economy and financial scene, but I don’t think the rest of the privatization program is dependent on that.”

It all makes for a booming legal sector, and DLA Piper — which operates in the Kingdom in partnership with local law firm Amer Al-Amr — is well placed to take advantage of that.

“I think hospitality, health care and education are likely areas under the transformation plans, and will see early activity as a direct result of the demographic makeup of the Kingdom,” Khashoggi said.

“In education, for example, there will be consolidation as a national scheme is rolled out across the Kingdom. People who own one or maybe two schools will want to merge them with other bigger groups, and there will be a significant increase in M&A (mergers and acquisitions) activity. The same applies to hospitals,” she added.

“There will also be an increase in foreign investment into these areas and some of the other big projects. An international law firm like DLA Piper is well placed to benefit from the opportunities this will present.”

One contentious area has been the idea that the huge megaprojects — such as Neom, the Red Sea Development and Al-Qiddiya leisure park — will be governed by a semi-autonomous legal infrastructure outside the Kingdom’s Shariah system.

“I have no direct knowledge of this, and I think the legal setup of these projects is still being considered, but due to the fundamental changes occurring to the existing legal structure of the Kingdom, I doubt autonomy to be granted across the board will be necessary,” Khashoggi said.

“It’ll probably be on a project-by-project basis, to ensure that these new areas are governed separately and properly,” she added.

“I don’t think it’ll be an issue if the plans are well thought through. I don’t think they’ll have an entirely separate legal structure,” she said.

“There’s precedent here, with the industrial cities and other special economic zones that have been set up already, which have case-by-case variations from the existing structure, but to a lesser scale.”

Saudi Arabia’s big drive is to encourage foreign investors to back its ambitious plans, and confidence in the legal system is essential to attract that.

“I think what potential foreign investors in Saudi Arabia want is evidence that the law is being applied impartially, and clarity on what the law is, much the same as in any jurisdiction,” Khashoggi said.

“The recent changes in the legal structure, in my view, shed more light on the legal structure. More law means more transparency, and that’s what foreign investors want.”

The law, like many areas of life in Saudi Arabia, is changing so fast that the people involved in the transformation — such as Khashoggi — often do not have time to take a breath.

“Without a doubt, the biggest challenge I face is the work-life balance. I’m always trying to juggle the needs of clients with my own,” she said. “But it’s a good problem to have — it means I’m busy.”


Saudia unveils beta version of new Travel Companion platform

Updated 24 April 2024
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Saudia unveils beta version of new Travel Companion platform

RIYADH: The Kingdom’s flagship airline Saudia has launched a beta version of its digital platform, the Travel Companion, powered by advanced artificial intelligence, aiming to transform the industry.

The new initiative, unveiled during a special event, is part of a two-year plan developed in partnership with global professional services firm Accenture.

“This platform, resulting from our ongoing collaboration with Accenture, signifies our forward-looking approach to providing guests with unparalleled convenience and flexibility,” the Director General of Saudia Group, Ibrahim Al-Omar, said. 

The main objective of this launch is to transform how travelers engage with the airline and establish new benchmarks for digital travel.

TC, initially named, offers personalized and tailored solutions to meet individual preferences and needs, providing search results from trusted and authenticated sources and incorporating visual aids in its responses.

The interface is designed as a comprehensive, one-stop solution that enables users to book concierge services, including hotels, transportation, and restaurants, as well as activities and attractions, without the need to switch between multiple platforms.

“This is a beta version. This is not the product. We will keep enhancing and developing it,” Al-Omar stressed.

Moreover, it establishes seamless connections with transportation platforms and various train companies, ensuring a smooth and uninterrupted journey.

Commenting on the new announcement, Chief Data and Technology Officer at Saudia, Abdulgader Attiah, told Arab News: “It’s like having the VVVIP concierge service at your hand. For public, it’s not any anymore VIP service. It’s not a paid service. You have it for free, and it will give you all what all kind of services that VVIP service would provide to you, so it’s your private concierge.”

He added: “We will be the anchor for the travel industry. We are not anymore, an operator for an airline, but with this app, you will be an anchor for all tourism ecosystem in a single app, so everyone can collaborate in this app, and having the links, so you don’t need to communicate with any other party, so through this app, you can communicate to all travel ecosystem.”

In future phases, Saudia plans to add more features, including voice command and digital payment solutions.

“Once we add the complete solution we will add the more services, which is we call it the concierge services; booking for hotels and transportation and the restaurants, all of these ones is done during the, next two years, and this is the complete life cycle of the, vision we have today,” Attiah told Arab News.

He added: “If you want to develop this app, five years back, it would take three, four years. Today, we have developed only in seven, eight months. To that from the inspirational part to having an actual booking, we started back in June and now we are live.”

Attiah also underlined that Saudia is the first airline in the world to implement a GenAI-based chatbot that can perform end-to-end actions, meaning it can not only engage in conversation but also execute tasks or actions based on user requests.

With an always-on Travel Companion available through a telecom e-SIM card provided by Saudia, users can stay connected globally without relying on additional internet providers.

Furthermore, users can purchase data packages for extended use, guaranteeing continuous access to the platform’s services.


Saudi economy witnessing a fundamental shift, says minister

Updated 24 April 2024
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Saudi economy witnessing a fundamental shift, says minister

RIYADH: Since the launch of Vision 2030, Saudi Arabia has witnessed a fundamental shift in its economy and the business environment is transforming with the creation of new sectors, said the Kingdom’s economy minister.

Faisal Al-Ibrahim was speaking at a conference in Riyadh on Wednesday during which he highlighted the fast-evolving business landscape of the Kingdom focused on diversifying its income sources away from oil.

Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan.

He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others. 

 “We stand at a crossroads to change the global economy,” Al-Ibrahim said.

He stressed the need for strategies to ensure a flexible and sustainable economy.

“The presence of foreign investments will develop competitiveness in the long term,” the minister affirmed.

The minister also highlighted how the Kingdom was working in the medium term to focus on transforming sectors that represent a technological shift.

Saudi Arabia is keen on achieving development in the medium term by balancing short-term profits and promoting long-term success, Al-Ibrahim highlighted.

Since the launch of the vision, the Ministry of Economy and Planning has conducted several economic studies aimed at diversifying the economy by developing objectives for all sectors, raising complexity levels, and studying emerging economies to enhance the Kingdom’s capabilities.  

 


Saudi Arabia closes April sukuk issuance at $1.97bn

Updated 24 April 2024
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Saudi Arabia closes April sukuk issuance at $1.97bn

RIYADH: Saudi Arabia has completed its riyal-denominated sukuk issuance for April at SR7.39 billion ($1.97 billion), representing a rise of 66.44 percent compared to the previous month. 

The National Debt Management Center revealed that the Shariah-compliant debt product was divided into three tranches. 

The first tranche, valued at SR2.35 billion, is set to mature in 2029, while the second one amounting to SR1.64 billion is due in 2031. 

The third tranche totaled SR3.51 billion and will mature in 2036. 

“The Kingdom also plans to expand funding activities during the year 2024, reaching up to a total of SR138 billion from what has been stated previously in the Annual Borrowing Plan, with a portion of this amount already covered up to date,” said NDMC in a press statement. 

It added: “This step comes with the aim of capitalizing on market opportunities to achieve proactive financing for the coming year and utilizing it to bolster the state’s general reserves or seize additional opportunities to enhance transformative spending during this year, thereby accelerating strategic projects and programs of Saudi Vision 2030.” 

In March, NDMC concluded its second government sukuk savings round for March, with a total volume of requests reaching SR959 million, allocated to 37,000 applicants. 

The center added that the financial product, also known as Sah, offers a return of 5.64 percent, with a maturity date in March 2025. 

Earlier this month, Fitch Ratings, in a report, said that global sukuk issuance is expected to continue growing in the coming months of this year, driven by funding and refinancing demands. 

The credit rating agency noted that various other factors like economic diversification efforts by countries in the Gulf Cooperation Council region and development of the debt capital market will also propel the growth of the market in the future. 

In January, another report released by S&P Global revealed that sukuk issuance worldwide is expected to total between $160 billion and $170 billion in 2024, driven by higher financing needs in Islamic nations.

The report noted that higher financing needs in some core Islamic finance countries and easing liquidity conditions across the world are two crucial factors which will drive the growth of the market this year. 


Closing Bell: TASI edges down to close at 12,355 points 

Updated 24 April 2024
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Closing Bell: TASI edges down to close at 12,355 points 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 128.72 points, or 1.03 percent, to close at 12,355.69.    

The total trading turnover of the benchmark index was SR8.45 billion ($2.25 billion) as 41 of the listed stocks advanced, while 187 retreated.   

Similarly, the MSCI Tadawul Index decreased by 14.78 points, or 0.95 percent, to close at 1,548.62. 

Also, the Kingdom’s parallel market Nomu dipped, losing 365.84 points, or 1.37 percent, to close at 26,326.12. This comes as 17 of the listed stocks advanced, while 45 retreated. 

The best-performing stock of the day was Al-Rajhi Co. for Cooperative Insurance as its share price surged by 9.87 percent to SR138.

Other top performers include Al Sagr Cooperative Insurance Co. and First Milling Co., whose share prices soared by 6.38 percent and 5.63 percent, to stand at SR35.85 and SR78.80, respectively. 

In addition to this, other top performers included Batic Investments and Logistics Co. and Saudi Research and Media Group. 

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 7.14 percent to SR0.13. 

Other weak performers were National Co. for Learning and Education as well as Arriyadh Development Co., whose share prices dropped by 5.95 percent and 5.91 percent to stand at SR148.60 and SR22.60, respectively. 

Moreover, other subdued performers also include Red Sea International Co. and AYYAN Investment Co. 

On the Kingdom’s parallel market Nomu, the best-performing stock of the day was Osool and Bakheet Investment Co., as its share price surged by 12.05 percent to SR40.90. 

Other top performers on Nomu include Arabian Plastic Industrial Co. and Lana Medical Co., with their share prices soaring by 7.42 percent and 3.59 percent, respectively, reaching SR37.65 and SR41.85. 

The worst performer was Jahez International Co. for Information System Technology, whose share price dropped by 5.88 percent to SR32.

Other weak performers were Alhasoob Co. as well as Aqaseem Factory for Chemicals and Plastics Co., whose share prices dropped by 3.61 percent and 3.38 percent to stand at SR64.10 and SR62.80, respectively. 

On the announcements front, HSBC Saudi Arabia, serving as sole financial advisor, joint bookrunner, underwriter, and lead manager, has announced the intention of Dr. Soliman Abdel Kader Fakeeh Hospital Co., known as Fakeeh Care Group, to proceed with its initial public offering on the main market of Saudi Exchange. 

According to a statement, the offering will include 49.8 million ordinary shares, with 19.8 million existing shares and 30 million new shares upon completion.  

This offering is set to represent 21.47 percent of the company's share capital post-capital increase.  

Saudi Exchange and the Capital Market Authority approved the listing and IPO, respectively, with the pricing of shares to be determined after the book-building period. 


Ministry tenders contract for expansion of Prince Faisal bin Fahd Stadium

Updated 24 April 2024
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Ministry tenders contract for expansion of Prince Faisal bin Fahd Stadium

RIYADH: Saudi Arabia’s Sports Ministry has tendered a contract to boost the capacity of Riyadh’s Prince Faisal bin Fahd Stadium to 45,000 seats up from its current 22,188.

The expansion project comes as the Kingdom prepares to host the Asian Football Confederation Asian Cup in 2027, reported MEED. 

This initiative aligns with Saudi Arabia’s plan to build sports stadiums under its SR10.1 billion ($2.7 billion) capital projects program. 

The ministry requested proposals on April 8 and expects to receive bids on June 14.

In April, the ministry also tendered an early works contract for the expansion and development of the Prince Mohammed bin Fahd Stadium in Dammam.

At the time, the scope of the contract included the stadium’s decommissioning, demolition, and bulk excavation, as well as the relocation and setting up of related facilities.  

In July 2023, the ministry invited firms to submit pre-qualification documents for the main construction contracts for the schemes in the capital projects program. 

The undertakings, which are set for completion before the 2027 AFC Asian Cup, entail increasing the capacity of King Fahd Stadium in Riyadh to 92,000 seats and boosting the seating capacity of Prince Mohammed Bin Fahd Stadium to 30,000 seats. 

It also includes increasing the seating capacity of the Prince Saud bin Jalawi Stadium in Al-Kahir to 45,000 and building a sustainable New Riyadh Stadium north of the city with 45,000 seats.

Another main element of the ministry’s projects program is the construction of as many as 30 new training grounds and facilities in proximity to the stadiums that will be used for the 2027 competition. 

Construction on the projects is expected to start in July 2024 and scheduled to be completed by December 2025.

A total of 18 facilities will be ready in time for the 2026 AFC Women’s Cup.