Launch of Saudi public feedback platform aims to boost investor confidence

Short Url
Updated 25 March 2021
Follow

Launch of Saudi public feedback platform aims to boost investor confidence

RIYADH: Saudi Arabia has launched a public consultation platform to gather the views of government bodies and the general public on laws and regulations before they are approved.

Istitlaa has been developed by the National Competitiveness Center (NCC) – through electronic tools and platforms aligned with the Saudi Vision 2030 legislative reforms – and aims to increase transparency and boost investor confidence in the Kingdom.

So far, the public consultation platform has received feedback on 89 draft laws developed by 22 government entities. Of these, 79 are completed, and 10 are still under consultation.

As part of Saudi Arabia’s latest economic and social reforms, Crown Prince Mohammed bin Salman recently announced plans to develop the legislative environment and enhance the country’s global competitiveness.

Since 2018, a more structured approach has been taken on public consultation leading to the launch of the Istitlaa platform, which has been designed to improve the business environment, encourage public policymaking, and sharpen the Kingdom’s competitive edge.

Dr. Mohammad Al-Hejaili, head of the University of Tabuk’s law department, told Arab News that the recent legal reforms represented a leap forward in the legislative infrastructure of Saudi Arabia.

“The Kingdom’s new legislative developments affect the stability of the country’s legal situation as a whole. These legal reforms help the Kingdom keep pace with economic, political, and social developments, attracting foreign investment and prosperity,” he said.

He pointed out that defining, evaluating, and executing reforms were essential steps being taken by the nation to introduce a competitive mindset that would help bring about economic gains at regional and global levels.

Al-Hejaili also noted that the legal reforms showed the Kingdom’s intention to preserve rights, entrench the principles of justice and transparency, protect human rights, and achieve comprehensive and sustainable development in all sectors.

“To have a stable legal ground that considers the social aspect and human rights, gives foreign investors the confidence in the legal system to pump their investments into the country,” he added.

One of the most high-profile legislative drafts that has been viewed, discussed, and changed was the Labor Law. Based on the platform’s statistics, the draft received the highest amount of feedback with more than 6,000 submissions.

Thirty articles were amended in the Labor Law, including article 98 related to working hours, which suggested a reduction from 48 to 40 hours per week.


Gold rises on Iran war safe-haven bid; firm dollar limits upside

Updated 6 sec ago
Follow

Gold rises on Iran war safe-haven bid; firm dollar limits upside

BENGALURU: Gold prices rose on March 5, lifted by safe-haven demand amid an escalating war in the Middle East, while a stronger dollar and concerns around the US Federal Reserve’s monetary policy capped gains.

Spot gold was up 0.6 percent at $5,168.43 per ounce, as of 11:55 am Saudi time. US gold futures for April delivery were up 0.9 percent at $5,179.20.

Israel launched a large wave of strikes on Tehran on March 5, targeting what it said was infrastructure belonging to the Iranian authorities, after Iranian missiles sent millions of Israelis rushing into bomb shelters.

“On the one hand, there may be greater safe-haven demand for gold given the ongoing conflict in the Middle East. On the other hand, the risk of a prolonged period of higher energy prices that takes rate cuts off the table, and adds to the chance of rate hikes, could be capping further gains,” said Hamad Hussain, a climate and commodities economist at Capital Economics.

The US dollar rose about 0.3 percent after briefly retreating from three-month highs, as the fallout from the war roiled global markets and kept sentiment fragile.

Concerns about energy supply continued to drive up oil prices and stoke inflation fears.

Gold is considered a hedge against inflation in the long run, but also tends to thrive when interest rates are lower, as it is a non-yielding asset.

President Donald Trump, on March 4, officially nominated former Federal Reserve Governor Kevin Warsh to be the US central bank’s next chair.

US economic activity grew slightly, prices continued to increase and employment levels were stable in recent weeks, the Federal Reserve said on Wednesday in its latest “Beige Book” report.

Markets expect the Fed to keep rates steady at its next policy meeting on March 18, according to CME Group’s FedWatch tool.

Investors are looking out for the weekly US jobless claims data, due later today, and the US employment report for February on March 6 for further clues on monetary policy this year.

Spot silver rose 0.5 percent to $83.80 per ounce. Platinum gained 1.1 percent to $2,172.20, while palladium lost 0.7 percent to $1,662.07.