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	(277027,26688,'UserAgent','Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/67.0.3396.99 Safari/537.36'),
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	(273122,26330,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8108\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_574104421-2-1024x1024.jpg\" alt=\"\" width=\"322\" height=\"322\" />Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></strong></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. 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	(272190,26248,'ReportText','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" />The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\">Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. It may also provide a roadmap for the enactment of future legislation that will be binding on FOBs.\r\n\r\n&nbsp;|<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" />The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></strong></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. 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	(276034,26600,'MetaValueNew','Saudi Arabia is undergoing significant reform but, beyond the maelstrom of political speculation and conjecture, what are the practical and legal implications of the anti-corruption drive for investors?\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia has seen tumultuous reform in the last 12 months as Crown Prince Mohammed bin Salman has sought to propel Saudi Arabia towards Vision 2030. International attention has been riveted to the government’s surging anti-corruption drive since a number of high-profile individuals were detained on corruption charges towards the end of 2017. Much of this attention, however, has been tangential, without providing clear insight into what impact such radical measures will have on the country’s legal framework and business climate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8128 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_509472535-1024x683.jpg\" alt=\"\" width=\"493\" height=\"301\" />A Favourable Forecast? The Business Outlook on Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The extent and boldness of the recent measures taken in Saudi Arabia are indicative of the government’s resolve to eliminate corruption in the system. The Kingdom has been signatory to the United National Convention Against Corruption (UNCAC) since 2004, though it only ratified the agreement in 2013. The events that have garnered so much international attention are only the latest in a long-term initiative to address corrupt practices in the business sector. Between 2012 and 2017, Saudi Arabia has improved its score on the Transparency International Corruption Perceptions Index (CPI) from 44 to 49. Whilst this score still reflects significant room for improvement, it also charts measurable progress in a region that continues to face drastic change, and provides impetus for the more recent measures that clearly demonstrate the elevated priority of anti-corruption reform.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order for the Kingdom to benefit from its drive for sustainability and prosperity, however, its determination to eradicate corruption must be symbiotic with its ability to assure investor confidence. The zero-tolerance approach that has surfaced over the past year has the potential to greatly improve the integrity of Saudi Arabia’s business market, but lingering concerns surround residual corruption with certain businesses continuing to question the feasibility and longevity of trading in the Kingdom.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The United Nations Conference on Trade and Development (UNCTD) World Investment Report 2018 suggests that, in the short term at least, the anti-corruption drive has done little to improve investor confidence and may even have exacerbated feelings of uncertainty. Inward Foreign Direct Investment (FDI) flows have fallen by more than 80% between 2016 and 2017. Whilst this trend cannot be entirely attributed to the anti-corruption sweep that happened late in the final quarter of the year, it is certainly likely to have been a contributory factor in unsettling investor confidence. From a long-term perspective, however, efforts to level the playing field in Saudi Arabia may bring fairer weather to businesses as the obstacles associated with pervasive corruption are gradually eliminated from the system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia is far from being alone in its fight against corruption; it is one of the most prevalent and pressing issues facing systems across the globe, and countries with endemic corruption problems face an almost insurmountable challenge to attract foreign investment. At this nascent stage, it would be premature to speculate as to how other Middle Eastern countries will respond to the Kingdom’s efforts, but the most desirable outcome would be for neighbouring countries to become emboldened in their own anti-corruption efforts. The UAE already stands as the regional outlier in anti-corruption efforts, with a CPI 2017 ranking of 21st in the world, comparable to many leading international jurisdictions. The combined efforts of both Saudi Arabia and the UAE could be instrumental in forging a clear path to greater transparency for other afflicted countries in the Middle East.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Staying Dry: Legal Safeguards Against Corruption In The Kingdom</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The primary anti-corruption provisions are provided by the anti-bribery law issued by Royal Decree No. M/36 of 29-Dhu al-Hijjah-1412 (corresponding to 30 June 1996) (the \"Anti-Bribery Law\"). More recently, a decree was issued setting out rules relating to gifts for public officials (Decree No. 60 dated 18 Safar 1437H (corresponding to 1 December 2015) (the \"Rules on Gifts to Officials\" or the \"Rules\").</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8127\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_498755845-1024x683.jpg\" alt=\"\" width=\"480\" height=\"327\" />Bribery of Public Officials</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law is primarily focused on public servants. In order to maintain maximum protection for its public sector, the definition is intentionally broad, extending to personnel of joint stock companies, along with their board members and directors. It may also capture private sector individuals who are working on government-related projects, such as consultants to government projects, including temporary employees, experts appointed by the government or judiciary, or even employees of private companies contracted to provide public services. Employees of joint stock companies are also subject to the Anti-Bribery Law, as well as employees of companies and sole proprietorships engaged in banking services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law broadly defines a bribee as any public servant who solicits, accepts or receives for himself or for others, a gift or payment of any sort, or a promise thereof, as consideration for any act that impinges on the integrity of office. Defences against such practices are fortified by the absence of any exemption, caveat or even significant qualifying criteria for the type of act that could invoke bribery provisions. Any act can be considered corrupt, regardless of its legitimacy, whether it is a positive act or an omission, whether it has been done in the absence of a prior agreement, and even where it involves using the influence attached to a public office to gain benefit, rather than the performance of a relevant duty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the traditionally prominent role of the government in the national economy, the Anti-Bribery Law does provide relatively wide protection, despite the obvious lack of corresponding safeguards applicable to the private sector. Privatisation targets encapsulated by Vision 2030, however, necessitate more complete protection and new measures that target both the public and private sector are a requirement going forward.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Penalties and Enforcement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the Anti-Bribery Law, penalties for the offences set out above can reach maximum penalties of imprisonment for a term not exceeding ten years and/or a fine not exceeding one million riyals (about USD 275,000).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Along with the specific penalties applicable to public servants who accept a bribe, it should be noted that the Anti-Bribery Law provides for the person offering the bribe (whether it is accepted or not), and any accomplice, to be susceptible to corresponding punishments.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To protect a culture of respect for public officials, conviction on bribery offences also leads to dismissal and a bar from public office for a minimum of five years. In an attempt to prevent perpetrators from benefitting from the proceeds of crime, the Anti Bribery Law provides that any money, benefit or privilege derived from committal of the offence be confiscated wherever possible.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8130 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654593-1024x683.jpg\" alt=\"\" width=\"476\" height=\"326\" />Gifts and Hospitality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">No exemptions are provided for gifts and hospitality in the Anti-Bribery Law. Any benefit or privilege obtained by the bribee, regardless of its type or designation, whether material or otherwise, shall be considered a (prohibited) gift or promise. This has led to confusion in the past, as conventional business practices that would be widely accepted in other systems appeared to invoke the strict anti-bribery restrictions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This matter was somewhat elucidated with the passing of the Rules on Gifts to Officials. Pursuant to these Rules, an official may accept gifts, given at visits and official occasions or at receptions of official guests, in accordance with custom and the courtesy protocols of such visits and occasions, though they cannot be cash and must be conventional in the context in which it is given. Crucially, businesses must be cognisant that generally, when reviewing the appositeness of a gift, the authorities will consider a number of contextual factors, including the proximity of the gift-giving to any relevant business deal, common courtesy practices of the firm in question, proportionality of the gift to conventional customs, and the appropriateness of the benefit given.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Though further provisions on the permissibility of certain types of gifts are outlined in the Rules, gifts and hospitality continue to be point of concern for business and can prove problematic in a culture where generosity is an ever-present feature of relations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Exposure for Corporate Entities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Significantly, where the manager or any employee of a private company is convicted of any offence under the Anti-Bribery Law, and the offence was committed for the benefit of such company, the law provides for a fine not exceeding ten times the value of the bribe and/or a ban from entering into public procurement or project contracts of at least 5 years. The briber can be exempted from punishment if he informs the authorities prior to the discovery of the offence, and this may provide some means by which corporate entities can limit their exposure upon becoming aware of any apparent offences under the Anti-Bribery Law.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Preparing for the Tempest: Bolstering Defences Ahead Of Reform</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">From a strategic perspective, since bribery is rarely an isolated issue, responses need to be thorough and comprehensive; part of an overarching coordinated national strategy that provides protection across an entire economic system and all branches of government. In order to ensure that such strategies are effective and aligned across institutions and businesses, they require constant monitoring and enforcement by a dedicated and independent authority, Where these institutions also act as the recipient in a sound and efficient reporting mechanism, the presence of a clear and trustworthy process increases the confidence of international investors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Aside from the well-publicised arrests, Saudi Arabia’s corruption reform has extended to measures in other parts of its anti-corruption framework that have more sustainable implications for how it will address corrupt practices in future. These bold new mechanisms also enhance the country’s invigorated anti-corruption culture, which marks an abrupt departure from its previous presumed reticence on corruption matters.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8126\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_455965843-1024x683.jpg\" alt=\"\" width=\"495\" height=\"353\" />Newly-formed Supreme Committee for Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The formation of the Supreme Committee is indicative of the greater strategic importance of anti-graft efforts to the country’s wider reform programme. Chaired by the Crown Prince and comprised of high-ranking officials from various sectors of governance, including security, finance and existing anti-corruption bodies, the Committee acts as a mechanism that will immediately elevate corruption instances to the remit of the highest echelons of government. In so doing, the Kingdom is sending a strong message that it will no longer turn a blind eye to practices that compromise its financial system or rule of law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new Supreme Committee will have vastly advanced investigative and prosecutorial powers, including the capacity to issue arrest warrants and order interim measures such as issuing travel bans and asset freezing orders. This is a critical limitation of the existing National Anti-Corruption Commission, more commonly known as Nazaha, which was established in 2012 and has limited capacity, despite its function as the primary recipient of reports of corrupt activity. The new committee will not replace Nazaha, which will continue to target the protection of national integrity, investigate instances of graft in government contracts and refer any incidents to the relevant authorities and public prosecution as and when necessary.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">By coordinating the activities of both the Supreme Committee and Nazaha, the efficacy of existing measures will be boosted by covering a wider scope of prosecutorial powers, increased authority with which to pursue perpetrators, and greater scrutiny through public awareness.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Specialised Anti-corruption Units Within the Public Prosecution Department</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As an additional measure, the Saudi government announced as recently as March 2018 that it had established new specialised anti-corruption units within the Public Prosecution. Cases prosecuted by these units would be carried out under the direct oversight of the Attorney General, once again demonstrating the paramount importance of corruption-related cases. Though it is unclear when the dedicated units will become operational, in creating this new advanced capacity the Saudi government has improved its ability to investigate and prosecute corrupt activity and, in so doing, will add an extra deterrent against illicit practices.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8123 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_342657950-1024x1024.jpg\" alt=\"\" width=\"372\" height=\"376\" />Whistleblower Culture</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whistleblower protection is a significant point of departure in many regimes across the globe. Whilst some Western systems, such as the US, actively promote whistleblowing activity through substantial financial incentives, most countries in the Middle East have thus far been slow to introduce formal protection for whistleblowers, preferring instead to rely on a positive reporting duty and conscionable actions by citizens.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this context, Saudi Arabia’s more proactive approach appears as an outlier. Article 17 of the Anti-Bribery Law provides for rewards for information substantiating an offence. Any person who is not a briber, or an accomplice, and who provides incriminating information substantiating any offence set out in Anti-Bribery Law, shall receive a reward not less than five thousand riyals (about USD 1,350) and not more than half of the money confiscated. There may be scope for a higher reward to be approved in appropriate circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, King Salman’s recent order in May 2018 to provide whistle blower protection is progressive in its outlook and signifies Saudi Arabia’s willingness to accede to international standards of rights and transparency when it comes to prosecuting corruption crimes. If Saudi Arabia is mindful of the risks posed by the potential for spurious claims and introduces adequate measures to prevent abuse of the reporting system, whistle blower protection is yet a further measure that will likely serve to reinforce the culture of zero tolerance that Saudi Arabia is attempting to cultivate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Impending Amendments to the Anti-Bribery Law</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">On 2 July 2018, Saudi Arabia’s Shoura (Consultative) Council approved draft amendments to the Anti-Bribery Law. The changes, which are yet to be implemented, are reportedly aimed at providing enhanced protection to public utilities through sound prosecution procedures and severe punishment for offences, as well as further enshrining the principles and commitments contained in the United Nations Convention Against Corruption (UNCAC). At present, the extent and exact nature of the amendments are unknown, but once officially passed into law, they have the potential to radically modernise Saudi Arabia’s anti-bribery legislation. This critical development warrants close attention over the coming months as the process to implementation progresses, and could assist investors in assessing the long-term outlook for Saudi Arabia’s economic integrity.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-large wp-image-8131\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654785-Converted-1024x913.png\" alt=\"\" width=\"640\" height=\"571\" />A Weather Eye on the Horizon: Is Further Change an Inevitability?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Anti-corruption measures are an ancillary part of the legal reform process in KSA, but do not represent the totality of the country’s ongoing transition. New money-laundering laws passed in October 2017 are emblematic of the Kingdom’s resolve to eradicate illicit practices from its system. Corruption is symptomatic of countries where there is weak rule of law, but Saudi Arabia’s legal fortifications will go a long way to stamping out the nexus of criminal behaviour that facilitates and drives corruption trends. These are important contributory factors that should be considered by foreign investors when making an assessment of Saudi Arabia’s economic security.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The changes that have already been implemented will only improve the prognosis of anti-corruption in Saudi Arabia. The continued momentum garnered from these initiatives will drive awareness of corruption problems, aided by the combined activity of Nazaha and the newly formed Supreme Committee for Anti-Corruption.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This is a pivotal time for Saudi Arabia and the long-term outlook is positive – there is already evidence of widespread reform to protect the Kingdom’s economic stability and integrity and address systemic weaknesses. Simultaneously, the changes that have been gradually introduced by Saudi Arabia’s General Investment Authority (SAGIA) since 2015 to liberalise the national economy and provide space for full foreign ownership in key sectors, are creating new incentive for foreign investors to tap into the largest market in the Middle East.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Equally, investors must strike the appropriate balance between caution and enthusiasm when encountering new opportunities in the market. Corruption challenges are persistent and pervasive and will require sustained redress for the foreseeable future. Though it is yet undetermined what new mechanisms and measures may be deployed in the Kingdom in future, it is likely that subsequent steps taken to quash illicit practices will have considerable consequences for domestic and foreign investors alike. This will require that foreign investors understand the legal framework and secure their interests against inevitable shifts in the Saudi market as reform measures revolutionise the domestic business culture.</p>\r\nOverall, however, Saudi Arabia’s recent multifaceted approach to reform has created the perfect storm for investors and, with an impending multitude of investment projects, businesses have a prime opportunity to invest at the leading edge of FDI, assured that corrupt practices are not operating with impunity.');

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	(275402,26538,'ReportText','&nbsp;\r\n\r\nThe Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare</span>\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a>, Head of Office - Bahrain</span>|&nbsp;\r\n\r\nThe Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; 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font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a></span>, Partner, Head of Office - Bahrain|&nbsp;\r\n\r\nThe Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare</span>\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a>, Head of Office - Bahrain</span>'),
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	(275280,26528,'ReportText','The Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare</span>\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a>, Partner, Head of Office - Bahrain</span>|&nbsp;\r\n\r\nThe Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a></span>, Partner, Head of Office - Bahrain'),
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	(275204,26522,'MetaValueNew','The Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare</span>\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a>, Partner, Head of Office - Bahrain</span>'),
	(275205,26522,'MetaValueOld','The Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a></span>, Partner, Head of Office - Bahrain'),
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	(275208,26522,'ReportText','The Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a></span>, Partner, Head of Office - Bahrain|The Government of the Kingdom of Bahrain has issued a new law (Bahrain Law No. 23 of 2018) that will make it compulsory for health insurance coverage to be provided to all citizens, residents and visitors to the country as of January 2019.\r\n\r\nProof of insurance is expected to be made mandatory for the renewal of employment permits as well as residence permits.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the mandatory health insurance plan be funded?</strong>\r\n\r\nThe mandatory health insurance will be funded through the payment of an insurance subscription that will cover the benefits, which are set out in a package relevant to each category of an insured person e.g. a Citizens’ Package for a Citizen; a Residents’ Package for a Resident; and a Visitors’ Package for a Visitor.\r\n\r\nThe Government of the Kingdom of Bahrain will pay subscriptions for Bahraini citizens.\r\n\r\n&nbsp;\r\n\r\n<strong>How will the expatriate workforce and visitors be enrolled onto the new mandatory health insurance scheme?</strong>\r\n<ul>\r\n 	<li>Employers will need to enrol foreign national employees for insurance.</li>\r\n 	<li>Enrolment for visitors will be covered by the visitors themselves.</li>\r\n 	<li>A list of approved health insurance providers is yet to be published.</li>\r\n</ul>\r\n&nbsp;\r\n\r\n<strong>Are there any new ways to be able to store your healthcare information within the law?</strong>\r\n\r\nArticle 23 and Article 24 of the law establishes a ‘Unified Electronic Medical Record’ for each person enrolled onto the new insurance scheme and a ‘National Health Data Dictionary’.\r\n\r\n&nbsp;\r\n\r\n<strong>The Unified Electronic Medical Record</strong>\r\n\r\nEach Beneficiary shall have an electronic medical record containing all his health-related data, particularly the data related to his medical condition and data that may be used as a basis for claiming financial benefits for providing health benefits.\r\n\r\n&nbsp;\r\n\r\n<strong>National Health Data Dictionary</strong>\r\n\r\nThe Supreme Council of Health shall establish a national Health Data Dictionary that includes a national system of health-related terms, medical coding and an explanation of its vocabulary in a manner in which these terms are classified into categories and arranged in a special order to be a reference for Health Service Providers and insurance coverage providers by using a standardized language that allows technical systems to receive, send, store, display, retrieve or process the dictionary contents.\r\n\r\n&nbsp;\r\n\r\n<strong>The new law establishes a Health Information and Knowledge Management Centre</strong>\r\n<ul>\r\n 	<li>Article 20 of the Bahrain Law No. 23 of 2018 mandates the establishment of a Health Information and Knowledge Management Centre by the Supreme Council of Health.</li>\r\n 	<li>Under Article 22 (a) (7) of the same law stipulates that one of the main duties of the Health Information and Knowledge Management Centre is to develop the necessary proposals to enhance the protection of the personal data of those who are enrolled onto the new Insurance Scheme.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nShould you require any advice with regard to the abovementioned law that will be effective in January 2019, our <strong><a href=\"http://localhost:8888/tamimi/our-firm/find-a-lawyer/?searchPractice=657\">Healthcare Practice Group</a></strong> would be happy to assist.\r\n\r\n&nbsp;\r\n\r\nKey Contacts:\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/andrea-tithecott/\">Andrea Tithecott</a>, Partner, Head of Regulatory, Head of Healthcare</span>\r\n\r\n<span style=\"color: #333333; font-family: \'Georgia\',serif;\"><a href=\"http://localhost:8888/tamimi/lawyer/foutoun-hajjar/\">Foutoun Hajjar</a>, Partner, Head of Office - Bahrain</span>'),
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	(275211,26522,'CurrentUserID','5'),
	(275212,26522,'CurrentUserRoles','a:2:{i:0;s:13:\"administrator\";i:1;s:10:\"superadmin\";}'),
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	(272496,26277,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><em><img class=\"alignleft size-full wp-image-8048\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_775810141.jpg\" alt=\"\" width=\"6000\" height=\"1520\" /></p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\">In May 2017, the Saudi Arabian Monetary Authority issued version 1.0 of its Cyber Security Framework. Noting the importance of the need to safeguard sensitive data and transactions to ensure confidence in the Saudi financial sector, the Framework was designed to enable SAMA regulated entities (basically, banks, insurance companies and finance companies) to identify and address cyber security risks. In this article, we summarise key aspects of the Framework.</em></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework is based on SAMA requirements and industry standards (including ISO, BASEL and PCI-DSS). Its stated objectives are to create a common approach for addressing cyber security, to achieve an appropriate maturity level of cyber security controls, and to ensure cyber security risks are properly managed. It supersedes all prior SAMA circulars relating to cyber security.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Entities subject to the Framework include all banks, all insurance and reinsurance companies, all financing companies, all credit bureaus, and the Saudi financial market infrastructure. The Framework also has some degree of application to subsidiaries and the personnel of such entities, as well as to third party contractors and customers.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Cyber security is defined in the Framework as:</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">the collection of tools, policies, security concepts, security safeguards, guidelines, risk management approaches, actions, training, best practices, assurance, and technologies that can be used to protect the member organization’s information assets against internal and external threats.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The ‘information assets’ to which the Framework relates include electronic information, hardcopies, applications, software, databases, computers and machines such as ATMs, data storage devices, and networks and other technical infrastructure.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The three basic premises upon which the Framework has been developed are confidentiality, integrity and availability. More specifically, confidentiality refers to information assets being accessible only to those who are authorised, and protected from unintended or unauthorised disclosure; integrity refers to information assets being accurate, complete and processed correctly, and protected from unauthorised modification; and availability refers to information assets being resilient and accessible, and protected from unauthorised disruption.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework prescribes key cyber security principles and objectives to be embedded and achieved by each regulated entity. These are broken down in terms of four main cyber security ‘domains’: Leadership &amp; Governance, Risk Management &amp; Compliance, Operations &amp; Technology, and Third Party considerations. The Framework also contemplates regulated entities meeting a minimum level of cyber security maturity (the criteria of which are specified in detail in the Framework), and to subject themselves to periodic self-assessments, reviewed by SAMA.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Leadership &amp; Governance</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework contemplates the implementation of a board-endorsed, defined cyber security governance structure to lead the overall approach to cyber security within the regulated entity. As well as establishing a cybersecurity committee (with representatives from all relevant departments in the organisation), regulated entities also need to establish a cyber security function, independent of the information technology function, and led by a Chief Information Security Officer who is a Saudi national and sufficiently qualified for the CISO role.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Each regulated entity needs to define a cyber security strategy aligned with its own strategic objectives and the broader banking sector’s cyber security strategy. It must also develop a cyber security policy to document and communicate its cyber security commitment and objectives. The policy should be considered in the development of other corporate policies (such as HR policies and IT policies), based on best practices, and supported by detailed security standards. The policy also needs to ensure that information is classified appropriate to its importance, and protected in line with the entity’s risk appetite. Owners need to be appointed for all information assets, and all stakeholders need to be made aware of cyber security. The policy also needs to contain requirements that ensure compliance with regulatory and contractual obligations, and provide for reporting of cyber security breaches and suspected weaknesses.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The ultimate responsibility for cyber security lies with the regulated entity’s board of directors. This responsibility ranges from ensuring an appropriate budget is available for cyber security measures, through to endorsing the entity’s cyber security governance, strategy and policy. The entity’s cyber security committee is responsible at a more operational level.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework imposes an obligation on regulated entities to ensure that relevant stakeholders are aware of, and understand, their cyber security responsibilities. It requires the development of an organisational culture of cyber security risk awareness, enabling personnel, third parties and customers to protect the regulated entity’s information assets. Additionally, it requires the implementation of training to ensure that personnel are equipped with the necessary skills and knowledge to protect the entity’s information assets (including by operating the entity’s systems securely) and to meet its cyber security responsibilities. Cyber security needs to be an integrated part of the regulated entity’s project management methodology, enabling the entity to identify and address cyber security risks as part of any project.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Risk Management &amp; Compliance</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework describes risk management as the ongoing process of identifying, analyzing, responding to, monitoring and reviewing risks. To manage cyber security risks, the Framework requires regulated entities to undertake cyber security risk identification (identification of their cyber security risks), risk analysis (assessment of the likelihood of occurrence, and the resulting impact), risk response (determining the appropriate response to cyber security risks), and monitoring and review (monitoring the risk treatment and review of the effectiveness of the cyber security control).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure cyber security risks are properly managed to protect the confidentiality, integrity and availability of a regulated entity’s information assets, and to ensure alignment of the cyber security risk management process with the entity’s enterprise risk management process, each regulated entity is required to define, approve and implement a cyber security risk management process.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This involves identification (and treatment) of the entity’s cyber security risks and threats, bearing in mind the relevant information assets of the entity, as well as its existing cyber security controls and vulnerabilities, and the likelihood of occurrence of the risks identified and the likely resulting impact. The Framework contemplates this exercise being performed on a rolling basis, so as to ensure its continued effectiveness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Regulated entities are also required to establish a process whereby they identify, communicate and comply with the cyber security implications of relevant regulations, and adopt mandatory local and international industry standards.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">There is an expectation that information assets of regulated entities will be subjected to thorough, independent and regular cyber security audits, in accordance with generally accepted auditing standards and the Framework.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Operations &amp; Technology</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Framework makes it is necessary for regulated entities to ensure that security requirements for their information assets are defined, approved and implemented.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Regulated entities are required to incorporate cyber security requirements into their human resources processes. At a minimum, these should include: cyber security awareness training for personnel at induction and during their employment, personnel agreements setting out cyber security responsibilities and obligations of non-disclosure, post-employment cyber security implications (such as revocation of access rights, and obligations to return access badge, tokens, mobile devices, all electronic and physical information). The Framework also provides for requirements relating to Bring Your Own Device (BYOD) policies, so as to ensure that business and sensitive information is securely handled by personnel when using personal devices.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">There is also an obligation to ensure appropriate physical security, by ensuring that all facilities that host information assets are physically protected. These should include: physical entry controls, monitoring and surveillance (e.g., CCTV), protection of data centres and data rooms, environmental protection, and consideration of the physical protection of information assets during their lifecycles (such as during transportation and destruction, and by avoiding unauthorized access and data leakage). The secure disposal of information assets is also contemplated, so as to ensure that business, customer and other information, is protected from unintended or unauthorized disclosure when no longer required.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">More generally, there is an obligation to ensure that access to information assets is restricted in line with need to know/have principles. This requirement brings with it a need to ensure that identity and access be managed and controlled.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Regulated entities need to know what information assets they have, and where (both physically and logically) they are located, in order to ensure cyber security. The Framework requires regulated entities to maintain an accurate and up-to-date inventory, including location and other relevant details, of all information assets.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Regulated entities are also required to define their cyber security architecture, outlining the cyber security requirements in their enterprise architecture and addressing the design principles for developing cyber security capabilities. They also need to make sure that they follow and review their cyber security architecture. Similarly, regulated entities need to make sure that cyber security controls are formally documented and implemented for all applications, and that the compliance is monitored and effectiveness evaluated on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Cyber security standards for infrastructure components need to be documented, and compliance monitored. This needs to include all instances of infrastructure (e.g., workstations, laptops, tablets, mobile devices, virtual machines, servers, operating systems, firewalls, network devices, wireless networks, email gateways, external connections, databases, file-shares, PBX), and it needs to cover all relevant locations, including data centres, disaster recovery sites and offices.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Regulated entities need to define, approve, implement and monitor cyber security standards for payment systems and electronic banking services in order to safeguard the confidentiality and integrity of shared banking systems and customer information and transactions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Third party considerations</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is almost certain that regulated entities will need to engage with third party service providers (including the likes of information services providers, outsourcing providers, cloud computing service providers, technology vendors and governmental agencies) in order to deliver their services. If such engagements do not respect the types of cyber security mechanisms that the regulated entities have implemented, then such engagements could bring with them cyber security risks. With this in mind, the Framework introduces expectations with regard to the engagement of third parties. These can be broadly categorised as contract and vendor management considerations, outsourcing considerations and cloud computing considerations. We consider this in more detail in a separate article.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The SAMA Cyber Security Framework, which was developed in coordination with a leading consultancy firm, provides a very clear outline of what SAMA expects, in terms of cyber security, of the entities that it regulates. Just as the types of technology being used in the financial services sector will continue to develop, the volume and nature of cyber security risks to financial services sector business will continue to develop. SAMA’s Cyber Security Framework should go some way to ensuring that businesses operating in the financial services sector are aware of the nature and scope of their information assets and the potential cyber risks to such assets. The processes implemented in compliance with the Framework will also provide a mechanism for future-proofing regulated financial services businesses against new cyber risks as they develop.</p>\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><em>Al Tamimi &amp; Company’s Technology, Media &amp; Telecommunications team regularly advises on issues relating to cyber security, including regulatory compliance and breach notification obligations. For further information please contact Nick O’Connell, Partner (n.oconnell@tamimi.com) or Andrew Fawcett, Senior Counsel (a.fawcett@tamimi.com)</em>'),
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	(276038,26600,'ReportText','Saudi Arabia is undergoing significant reform but, beyond the maelstrom of political speculation and conjecture, what are the practical and legal implications of the anti-corruption drive for investors?\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia has seen tumultuous reform in the last 12 months as Crown Prince Mohammed bin Salman has sought to propel Saudi Arabia towards Vision 2030. International attention has been riveted to the government’s surging anti-corruption drive since a number of high-profile individuals were detained on corruption charges towards the end of 2017. Much of this attention, however, has been tangential, without providing clear insight into what impact such radical measures will have on the country’s legal framework and business climate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8128 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_509472535-1024x683.jpg\" alt=\"\" width=\"493\" height=\"301\" />A Favourable Forecast? The Business Outlook on Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The extent and boldness of the recent measures taken in Saudi Arabia are indicative of the government’s resolve to eliminate corruption in the system. The Kingdom has been signatory to the United National Convention Against Corruption (UNCAC) since 2004, though it only ratified the agreement in 2013. The events that have garnered so much international attention are only the latest in a long-term initiative to address corrupt practices in the business sector. Between 2012 and 2017, Saudi Arabia has improved its score on the Transparency International Corruption Perceptions Index (CPI) from 44 to 49. Whilst this score still reflects significant room for improvement, it also charts measurable progress in a region that continues to face drastic change, and provides impetus for the more recent measures that clearly demonstrate the elevated priority of anti-corruption reform.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order for the Kingdom to benefit from its drive for sustainability and prosperity, however, its determination to eradicate corruption must be symbiotic with its ability to assure investor confidence. The zero-tolerance approach that has surfaced over the past year has the potential to greatly improve the integrity of Saudi Arabia’s business market, but lingering concerns surround residual corruption with certain businesses continuing to question the feasibility and longevity of trading in the Kingdom.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The United Nations Conference on Trade and Development (UNCTD) World Investment Report 2018 suggests that, in the short term at least, the anti-corruption drive has done little to improve investor confidence and may even have exacerbated feelings of uncertainty. Inward Foreign Direct Investment (FDI) flows have fallen by more than 80% between 2016 and 2017. Whilst this trend cannot be entirely attributed to the anti-corruption sweep that happened late in the final quarter of the year, it is certainly likely to have been a contributory factor in unsettling investor confidence. From a long-term perspective, however, efforts to level the playing field in Saudi Arabia may bring fairer weather to businesses as the obstacles associated with pervasive corruption are gradually eliminated from the system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia is far from being alone in its fight against corruption; it is one of the most prevalent and pressing issues facing systems across the globe, and countries with endemic corruption problems face an almost insurmountable challenge to attract foreign investment. At this nascent stage, it would be premature to speculate as to how other Middle Eastern countries will respond to the Kingdom’s efforts, but the most desirable outcome would be for neighbouring countries to become emboldened in their own anti-corruption efforts. The UAE already stands as the regional outlier in anti-corruption efforts, with a CPI 2017 ranking of 21st in the world, comparable to many leading international jurisdictions. The combined efforts of both Saudi Arabia and the UAE could be instrumental in forging a clear path to greater transparency for other afflicted countries in the Middle East.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Staying Dry: Legal Safeguards Against Corruption In The Kingdom</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The primary anti-corruption provisions are provided by the anti-bribery law issued by Royal Decree No. M/36 of 29-Dhu al-Hijjah-1412 (corresponding to 30 June 1996) (the \"Anti-Bribery Law\"). More recently, a decree was issued setting out rules relating to gifts for public officials (Decree No. 60 dated 18 Safar 1437H (corresponding to 1 December 2015) (the \"Rules on Gifts to Officials\" or the \"Rules\").</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft  wp-image-8127\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_498755845-1024x683.jpg\" alt=\"\" width=\"480\" height=\"327\" />Bribery of Public Officials</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law is primarily focused on public servants. In order to maintain maximum protection for its public sector, the definition is intentionally broad, extending to personnel of joint stock companies, along with their board members and directors. It may also capture private sector individuals who are working on government-related projects, such as consultants to government projects, including temporary employees, experts appointed by the government or judiciary, or even employees of private companies contracted to provide public services. Employees of joint stock companies are also subject to the Anti-Bribery Law, as well as employees of companies and sole proprietorships engaged in banking services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law broadly defines a bribee as any public servant who solicits, accepts or receives for himself or for others, a gift or payment of any sort, or a promise thereof, as consideration for any act that impinges on the integrity of office. Defences against such practices are fortified by the absence of any exemption, caveat or even significant qualifying criteria for the type of act that could invoke bribery provisions. Any act can be considered corrupt, regardless of its legitimacy, whether it is a positive act or an omission, whether it has been done in the absence of a prior agreement, and even where it involves using the influence attached to a public office to gain benefit, rather than the performance of a relevant duty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the traditionally prominent role of the government in the national economy, the Anti-Bribery Law does provide relatively wide protection, despite the obvious lack of corresponding safeguards applicable to the private sector. Privatisation targets encapsulated by Vision 2030, however, necessitate more complete protection and new measures that target both the public and private sector are a requirement going forward.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Penalties and Enforcement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the Anti-Bribery Law, penalties for the offences set out above can reach maximum penalties of imprisonment for a term not exceeding ten years and/or a fine not exceeding one million riyals (about USD 275,000).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Along with the specific penalties applicable to public servants who accept a bribe, it should be noted that the Anti-Bribery Law provides for the person offering the bribe (whether it is accepted or not), and any accomplice, to be susceptible to corresponding punishments.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To protect a culture of respect for public officials, conviction on bribery offences also leads to dismissal and a bar from public office for a minimum of five years. In an attempt to prevent perpetrators from benefitting from the proceeds of crime, the Anti Bribery Law provides that any money, benefit or privilege derived from committal of the offence be confiscated wherever possible.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8130 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654593-1024x683.jpg\" alt=\"\" width=\"476\" height=\"326\" />Gifts and Hospitality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">No exemptions are provided for gifts and hospitality in the Anti-Bribery Law. Any benefit or privilege obtained by the bribee, regardless of its type or designation, whether material or otherwise, shall be considered a (prohibited) gift or promise. This has led to confusion in the past, as conventional business practices that would be widely accepted in other systems appeared to invoke the strict anti-bribery restrictions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This matter was somewhat elucidated with the passing of the Rules on Gifts to Officials. Pursuant to these Rules, an official may accept gifts, given at visits and official occasions or at receptions of official guests, in accordance with custom and the courtesy protocols of such visits and occasions, though they cannot be cash and must be conventional in the context in which it is given. Crucially, businesses must be cognisant that generally, when reviewing the appositeness of a gift, the authorities will consider a number of contextual factors, including the proximity of the gift-giving to any relevant business deal, common courtesy practices of the firm in question, proportionality of the gift to conventional customs, and the appropriateness of the benefit given.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Though further provisions on the permissibility of certain types of gifts are outlined in the Rules, gifts and hospitality continue to be point of concern for business and can prove problematic in a culture where generosity is an ever-present feature of relations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Exposure for Corporate Entities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Significantly, where the manager or any employee of a private company is convicted of any offence under the Anti-Bribery Law, and the offence was committed for the benefit of such company, the law provides for a fine not exceeding ten times the value of the bribe and/or a ban from entering into public procurement or project contracts of at least 5 years. The briber can be exempted from punishment if he informs the authorities prior to the discovery of the offence, and this may provide some means by which corporate entities can limit their exposure upon becoming aware of any apparent offences under the Anti-Bribery Law.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Preparing for the Tempest: Bolstering Defences Ahead Of Reform</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">From a strategic perspective, since bribery is rarely an isolated issue, responses need to be thorough and comprehensive; part of an overarching coordinated national strategy that provides protection across an entire economic system and all branches of government. In order to ensure that such strategies are effective and aligned across institutions and businesses, they require constant monitoring and enforcement by a dedicated and independent authority, Where these institutions also act as the recipient in a sound and efficient reporting mechanism, the presence of a clear and trustworthy process increases the confidence of international investors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Aside from the well-publicised arrests, Saudi Arabia’s corruption reform has extended to measures in other parts of its anti-corruption framework that have more sustainable implications for how it will address corrupt practices in future. These bold new mechanisms also enhance the country’s invigorated anti-corruption culture, which marks an abrupt departure from its previous presumed reticence on corruption matters.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft  wp-image-8126\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_455965843-1024x683.jpg\" alt=\"\" width=\"495\" height=\"353\" />Newly-formed Supreme Committee for Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The formation of the Supreme Committee is indicative of the greater strategic importance of anti-graft efforts to the country’s wider reform programme. Chaired by the Crown Prince and comprised of high-ranking officials from various sectors of governance, including security, finance and existing anti-corruption bodies, the Committee acts as a mechanism that will immediately elevate corruption instances to the remit of the highest echelons of government. In so doing, the Kingdom is sending a strong message that it will no longer turn a blind eye to practices that compromise its financial system or rule of law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new Supreme Committee will have vastly advanced investigative and prosecutorial powers, including the capacity to issue arrest warrants and order interim measures such as issuing travel bans and asset freezing orders. This is a critical limitation of the existing National Anti-Corruption Commission, more commonly known as Nazaha, which was established in 2012 and has limited capacity, despite its function as the primary recipient of reports of corrupt activity. The new committee will not replace Nazaha, which will continue to target the protection of national integrity, investigate instances of graft in government contracts and refer any incidents to the relevant authorities and public prosecution as and when necessary.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">By coordinating the activities of both the Supreme Committee and Nazaha, the efficacy of existing measures will be boosted by covering a wider scope of prosecutorial powers, increased authority with which to pursue perpetrators, and greater scrutiny through public awareness.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Specialised Anti-corruption Units Within the Public Prosecution Department</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As an additional measure, the Saudi government announced as recently as March 2018 that it had established new specialised anti-corruption units within the Public Prosecution. Cases prosecuted by these units would be carried out under the direct oversight of the Attorney General, once again demonstrating the paramount importance of corruption-related cases. Though it is unclear when the dedicated units will become operational, in creating this new advanced capacity the Saudi government has improved its ability to investigate and prosecute corrupt activity and, in so doing, will add an extra deterrent against illicit practices.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8123 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_342657950-1024x1024.jpg\" alt=\"\" width=\"372\" height=\"376\" />Whistleblower Culture</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whistleblower protection is a significant point of departure in many regimes across the globe. Whilst some Western systems, such as the US, actively promote whistleblowing activity through substantial financial incentives, most countries in the Middle East have thus far been slow to introduce formal protection for whistleblowers, preferring instead to rely on a positive reporting duty and conscionable actions by citizens.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this context, Saudi Arabia’s more proactive approach appears as an outlier. Article 17 of the Anti-Bribery Law provides for rewards for information substantiating an offence. Any person who is not a briber, or an accomplice, and who provides incriminating information substantiating any offence set out in Anti-Bribery Law, shall receive a reward not less than five thousand riyals (about USD 1,350) and not more than half of the money confiscated. There may be scope for a higher reward to be approved in appropriate circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, King Salman’s recent order in May 2018 to provide whistle blower protection is progressive in its outlook and signifies Saudi Arabia’s willingness to accede to international standards of rights and transparency when it comes to prosecuting corruption crimes. If Saudi Arabia is mindful of the risks posed by the potential for spurious claims and introduces adequate measures to prevent abuse of the reporting system, whistle blower protection is yet a further measure that will likely serve to reinforce the culture of zero tolerance that Saudi Arabia is attempting to cultivate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Impending Amendments to the Anti-Bribery Law</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">On 2 July 2018, Saudi Arabia’s Shoura (Consultative) Council approved draft amendments to the Anti-Bribery Law. The changes, which are yet to be implemented, are reportedly aimed at providing enhanced protection to public utilities through sound prosecution procedures and severe punishment for offences, as well as further enshrining the principles and commitments contained in the United Nations Convention Against Corruption (UNCAC). At present, the extent and exact nature of the amendments are unknown, but once officially passed into law, they have the potential to radically modernise Saudi Arabia’s anti-bribery legislation. This critical development warrants close attention over the coming months as the process to implementation progresses, and could assist investors in assessing the long-term outlook for Saudi Arabia’s economic integrity.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>A Weather Eye on the Horizon: Is Further Change an Inevitability?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Anti-corruption measures are an ancillary part of the legal reform process in KSA, but do not represent the totality of the country’s ongoing transition. New money-laundering laws passed in October 2017 are emblematic of the Kingdom’s resolve to eradicate illicit practices from its system. Corruption is symptomatic of countries where there is weak rule of law, but Saudi Arabia’s legal fortifications will go a long way to stamping out the nexus of criminal behaviour that facilitates and drives corruption trends. These are important contributory factors that should be considered by foreign investors when making an assessment of Saudi Arabia’s economic security.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The changes that have already been implemented will only improve the prognosis of anti-corruption in Saudi Arabia. The continued momentum garnered from these initiatives will drive awareness of corruption problems, aided by the combined activity of Nazaha and the newly formed Supreme Committee for Anti-Corruption.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This is a pivotal time for Saudi Arabia and the long-term outlook is positive – there is already evidence of widespread reform to protect the Kingdom’s economic stability and integrity and address systemic weaknesses. Simultaneously, the changes that have been gradually introduced by Saudi Arabia’s General Investment Authority (SAGIA) since 2015 to liberalise the national economy and provide space for full foreign ownership in key sectors, are creating new incentive for foreign investors to tap into the largest market in the Middle East.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Equally, investors must strike the appropriate balance between caution and enthusiasm when encountering new opportunities in the market. Corruption challenges are persistent and pervasive and will require sustained redress for the foreseeable future. Though it is yet undetermined what new mechanisms and measures may be deployed in the Kingdom in future, it is likely that subsequent steps taken to quash illicit practices will have considerable consequences for domestic and foreign investors alike. This will require that foreign investors understand the legal framework and secure their interests against inevitable shifts in the Saudi market as reform measures revolutionise the domestic business culture.</p>\r\nOverall, however, Saudi Arabia’s recent multifaceted approach to reform has created the perfect storm for investors and, with an impending multitude of investment projects, businesses have a prime opportunity to invest at the leading edge of FDI, assured that corrupt practices are not operating with impunity.|Saudi Arabia is undergoing significant reform but, beyond the maelstrom of political speculation and conjecture, what are the practical and legal implications of the anti-corruption drive for investors?\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia has seen tumultuous reform in the last 12 months as Crown Prince Mohammed bin Salman has sought to propel Saudi Arabia towards Vision 2030. International attention has been riveted to the government’s surging anti-corruption drive since a number of high-profile individuals were detained on corruption charges towards the end of 2017. Much of this attention, however, has been tangential, without providing clear insight into what impact such radical measures will have on the country’s legal framework and business climate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8128 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_509472535-1024x683.jpg\" alt=\"\" width=\"493\" height=\"301\" />A Favourable Forecast? The Business Outlook on Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The extent and boldness of the recent measures taken in Saudi Arabia are indicative of the government’s resolve to eliminate corruption in the system. The Kingdom has been signatory to the United National Convention Against Corruption (UNCAC) since 2004, though it only ratified the agreement in 2013. The events that have garnered so much international attention are only the latest in a long-term initiative to address corrupt practices in the business sector. Between 2012 and 2017, Saudi Arabia has improved its score on the Transparency International Corruption Perceptions Index (CPI) from 44 to 49. Whilst this score still reflects significant room for improvement, it also charts measurable progress in a region that continues to face drastic change, and provides impetus for the more recent measures that clearly demonstrate the elevated priority of anti-corruption reform.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order for the Kingdom to benefit from its drive for sustainability and prosperity, however, its determination to eradicate corruption must be symbiotic with its ability to assure investor confidence. The zero-tolerance approach that has surfaced over the past year has the potential to greatly improve the integrity of Saudi Arabia’s business market, but lingering concerns surround residual corruption with certain businesses continuing to question the feasibility and longevity of trading in the Kingdom.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The United Nations Conference on Trade and Development (UNCTD) World Investment Report 2018 suggests that, in the short term at least, the anti-corruption drive has done little to improve investor confidence and may even have exacerbated feelings of uncertainty. Inward Foreign Direct Investment (FDI) flows have fallen by more than 80% between 2016 and 2017. Whilst this trend cannot be entirely attributed to the anti-corruption sweep that happened late in the final quarter of the year, it is certainly likely to have been a contributory factor in unsettling investor confidence. From a long-term perspective, however, efforts to level the playing field in Saudi Arabia may bring fairer weather to businesses as the obstacles associated with pervasive corruption are gradually eliminated from the system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia is far from being alone in its fight against corruption; it is one of the most prevalent and pressing issues facing systems across the globe, and countries with endemic corruption problems face an almost insurmountable challenge to attract foreign investment. At this nascent stage, it would be premature to speculate as to how other Middle Eastern countries will respond to the Kingdom’s efforts, but the most desirable outcome would be for neighbouring countries to become emboldened in their own anti-corruption efforts. The UAE already stands as the regional outlier in anti-corruption efforts, with a CPI 2017 ranking of 21st in the world, comparable to many leading international jurisdictions. The combined efforts of both Saudi Arabia and the UAE could be instrumental in forging a clear path to greater transparency for other afflicted countries in the Middle East.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Staying Dry: Legal Safeguards Against Corruption In The Kingdom</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The primary anti-corruption provisions are provided by the anti-bribery law issued by Royal Decree No. M/36 of 29-Dhu al-Hijjah-1412 (corresponding to 30 June 1996) (the \"Anti-Bribery Law\"). More recently, a decree was issued setting out rules relating to gifts for public officials (Decree No. 60 dated 18 Safar 1437H (corresponding to 1 December 2015) (the \"Rules on Gifts to Officials\" or the \"Rules\").</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8127\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_498755845-1024x683.jpg\" alt=\"\" width=\"480\" height=\"327\" />Bribery of Public Officials</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law is primarily focused on public servants. In order to maintain maximum protection for its public sector, the definition is intentionally broad, extending to personnel of joint stock companies, along with their board members and directors. It may also capture private sector individuals who are working on government-related projects, such as consultants to government projects, including temporary employees, experts appointed by the government or judiciary, or even employees of private companies contracted to provide public services. Employees of joint stock companies are also subject to the Anti-Bribery Law, as well as employees of companies and sole proprietorships engaged in banking services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law broadly defines a bribee as any public servant who solicits, accepts or receives for himself or for others, a gift or payment of any sort, or a promise thereof, as consideration for any act that impinges on the integrity of office. Defences against such practices are fortified by the absence of any exemption, caveat or even significant qualifying criteria for the type of act that could invoke bribery provisions. Any act can be considered corrupt, regardless of its legitimacy, whether it is a positive act or an omission, whether it has been done in the absence of a prior agreement, and even where it involves using the influence attached to a public office to gain benefit, rather than the performance of a relevant duty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the traditionally prominent role of the government in the national economy, the Anti-Bribery Law does provide relatively wide protection, despite the obvious lack of corresponding safeguards applicable to the private sector. Privatisation targets encapsulated by Vision 2030, however, necessitate more complete protection and new measures that target both the public and private sector are a requirement going forward.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Penalties and Enforcement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the Anti-Bribery Law, penalties for the offences set out above can reach maximum penalties of imprisonment for a term not exceeding ten years and/or a fine not exceeding one million riyals (about USD 275,000).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Along with the specific penalties applicable to public servants who accept a bribe, it should be noted that the Anti-Bribery Law provides for the person offering the bribe (whether it is accepted or not), and any accomplice, to be susceptible to corresponding punishments.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To protect a culture of respect for public officials, conviction on bribery offences also leads to dismissal and a bar from public office for a minimum of five years. In an attempt to prevent perpetrators from benefitting from the proceeds of crime, the Anti Bribery Law provides that any money, benefit or privilege derived from committal of the offence be confiscated wherever possible.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8130 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654593-1024x683.jpg\" alt=\"\" width=\"476\" height=\"326\" />Gifts and Hospitality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">No exemptions are provided for gifts and hospitality in the Anti-Bribery Law. Any benefit or privilege obtained by the bribee, regardless of its type or designation, whether material or otherwise, shall be considered a (prohibited) gift or promise. This has led to confusion in the past, as conventional business practices that would be widely accepted in other systems appeared to invoke the strict anti-bribery restrictions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This matter was somewhat elucidated with the passing of the Rules on Gifts to Officials. Pursuant to these Rules, an official may accept gifts, given at visits and official occasions or at receptions of official guests, in accordance with custom and the courtesy protocols of such visits and occasions, though they cannot be cash and must be conventional in the context in which it is given. Crucially, businesses must be cognisant that generally, when reviewing the appositeness of a gift, the authorities will consider a number of contextual factors, including the proximity of the gift-giving to any relevant business deal, common courtesy practices of the firm in question, proportionality of the gift to conventional customs, and the appropriateness of the benefit given.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Though further provisions on the permissibility of certain types of gifts are outlined in the Rules, gifts and hospitality continue to be point of concern for business and can prove problematic in a culture where generosity is an ever-present feature of relations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Exposure for Corporate Entities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Significantly, where the manager or any employee of a private company is convicted of any offence under the Anti-Bribery Law, and the offence was committed for the benefit of such company, the law provides for a fine not exceeding ten times the value of the bribe and/or a ban from entering into public procurement or project contracts of at least 5 years. The briber can be exempted from punishment if he informs the authorities prior to the discovery of the offence, and this may provide some means by which corporate entities can limit their exposure upon becoming aware of any apparent offences under the Anti-Bribery Law.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Preparing for the Tempest: Bolstering Defences Ahead Of Reform</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">From a strategic perspective, since bribery is rarely an isolated issue, responses need to be thorough and comprehensive; part of an overarching coordinated national strategy that provides protection across an entire economic system and all branches of government. In order to ensure that such strategies are effective and aligned across institutions and businesses, they require constant monitoring and enforcement by a dedicated and independent authority, Where these institutions also act as the recipient in a sound and efficient reporting mechanism, the presence of a clear and trustworthy process increases the confidence of international investors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Aside from the well-publicised arrests, Saudi Arabia’s corruption reform has extended to measures in other parts of its anti-corruption framework that have more sustainable implications for how it will address corrupt practices in future. These bold new mechanisms also enhance the country’s invigorated anti-corruption culture, which marks an abrupt departure from its previous presumed reticence on corruption matters.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8126\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_455965843-1024x683.jpg\" alt=\"\" width=\"495\" height=\"353\" />Newly-formed Supreme Committee for Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The formation of the Supreme Committee is indicative of the greater strategic importance of anti-graft efforts to the country’s wider reform programme. Chaired by the Crown Prince and comprised of high-ranking officials from various sectors of governance, including security, finance and existing anti-corruption bodies, the Committee acts as a mechanism that will immediately elevate corruption instances to the remit of the highest echelons of government. In so doing, the Kingdom is sending a strong message that it will no longer turn a blind eye to practices that compromise its financial system or rule of law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new Supreme Committee will have vastly advanced investigative and prosecutorial powers, including the capacity to issue arrest warrants and order interim measures such as issuing travel bans and asset freezing orders. This is a critical limitation of the existing National Anti-Corruption Commission, more commonly known as Nazaha, which was established in 2012 and has limited capacity, despite its function as the primary recipient of reports of corrupt activity. The new committee will not replace Nazaha, which will continue to target the protection of national integrity, investigate instances of graft in government contracts and refer any incidents to the relevant authorities and public prosecution as and when necessary.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">By coordinating the activities of both the Supreme Committee and Nazaha, the efficacy of existing measures will be boosted by covering a wider scope of prosecutorial powers, increased authority with which to pursue perpetrators, and greater scrutiny through public awareness.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Specialised Anti-corruption Units Within the Public Prosecution Department</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As an additional measure, the Saudi government announced as recently as March 2018 that it had established new specialised anti-corruption units within the Public Prosecution. Cases prosecuted by these units would be carried out under the direct oversight of the Attorney General, once again demonstrating the paramount importance of corruption-related cases. Though it is unclear when the dedicated units will become operational, in creating this new advanced capacity the Saudi government has improved its ability to investigate and prosecute corrupt activity and, in so doing, will add an extra deterrent against illicit practices.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8123 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_342657950-1024x1024.jpg\" alt=\"\" width=\"372\" height=\"376\" />Whistleblower Culture</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whistleblower protection is a significant point of departure in many regimes across the globe. Whilst some Western systems, such as the US, actively promote whistleblowing activity through substantial financial incentives, most countries in the Middle East have thus far been slow to introduce formal protection for whistleblowers, preferring instead to rely on a positive reporting duty and conscionable actions by citizens.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this context, Saudi Arabia’s more proactive approach appears as an outlier. Article 17 of the Anti-Bribery Law provides for rewards for information substantiating an offence. Any person who is not a briber, or an accomplice, and who provides incriminating information substantiating any offence set out in Anti-Bribery Law, shall receive a reward not less than five thousand riyals (about USD 1,350) and not more than half of the money confiscated. There may be scope for a higher reward to be approved in appropriate circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, King Salman’s recent order in May 2018 to provide whistle blower protection is progressive in its outlook and signifies Saudi Arabia’s willingness to accede to international standards of rights and transparency when it comes to prosecuting corruption crimes. If Saudi Arabia is mindful of the risks posed by the potential for spurious claims and introduces adequate measures to prevent abuse of the reporting system, whistle blower protection is yet a further measure that will likely serve to reinforce the culture of zero tolerance that Saudi Arabia is attempting to cultivate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Impending Amendments to the Anti-Bribery Law</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">On 2 July 2018, Saudi Arabia’s Shoura (Consultative) Council approved draft amendments to the Anti-Bribery Law. The changes, which are yet to be implemented, are reportedly aimed at providing enhanced protection to public utilities through sound prosecution procedures and severe punishment for offences, as well as further enshrining the principles and commitments contained in the United Nations Convention Against Corruption (UNCAC). At present, the extent and exact nature of the amendments are unknown, but once officially passed into law, they have the potential to radically modernise Saudi Arabia’s anti-bribery legislation. This critical development warrants close attention over the coming months as the process to implementation progresses, and could assist investors in assessing the long-term outlook for Saudi Arabia’s economic integrity.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-large wp-image-8131\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654785-Converted-1024x913.png\" alt=\"\" width=\"640\" height=\"571\" />A Weather Eye on the Horizon: Is Further Change an Inevitability?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Anti-corruption measures are an ancillary part of the legal reform process in KSA, but do not represent the totality of the country’s ongoing transition. New money-laundering laws passed in October 2017 are emblematic of the Kingdom’s resolve to eradicate illicit practices from its system. Corruption is symptomatic of countries where there is weak rule of law, but Saudi Arabia’s legal fortifications will go a long way to stamping out the nexus of criminal behaviour that facilitates and drives corruption trends. These are important contributory factors that should be considered by foreign investors when making an assessment of Saudi Arabia’s economic security.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The changes that have already been implemented will only improve the prognosis of anti-corruption in Saudi Arabia. The continued momentum garnered from these initiatives will drive awareness of corruption problems, aided by the combined activity of Nazaha and the newly formed Supreme Committee for Anti-Corruption.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This is a pivotal time for Saudi Arabia and the long-term outlook is positive – there is already evidence of widespread reform to protect the Kingdom’s economic stability and integrity and address systemic weaknesses. Simultaneously, the changes that have been gradually introduced by Saudi Arabia’s General Investment Authority (SAGIA) since 2015 to liberalise the national economy and provide space for full foreign ownership in key sectors, are creating new incentive for foreign investors to tap into the largest market in the Middle East.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Equally, investors must strike the appropriate balance between caution and enthusiasm when encountering new opportunities in the market. Corruption challenges are persistent and pervasive and will require sustained redress for the foreseeable future. Though it is yet undetermined what new mechanisms and measures may be deployed in the Kingdom in future, it is likely that subsequent steps taken to quash illicit practices will have considerable consequences for domestic and foreign investors alike. This will require that foreign investors understand the legal framework and secure their interests against inevitable shifts in the Saudi market as reform measures revolutionise the domestic business culture.</p>\r\nOverall, however, Saudi Arabia’s recent multifaceted approach to reform has created the perfect storm for investors and, with an impending multitude of investment projects, businesses have a prime opportunity to invest at the leading edge of FDI, assured that corrupt practices are not operating with impunity.'),
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	(273103,26329,'PostType','law_update_articles'),
	(273104,26329,'PostTitle','Guiding Charter for Family Owned Businesses in Saudi Arabia'),
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	(273106,26329,'PostDate','2018-08-01 07:32:04'),
	(273107,26329,'PostUrl','http://localhost:8888/tamimi/law-update-articles/guiding-charter-for-family-owned-businesses-in-saudi-arabia/'),
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	(273114,26330,'PostTitle','Guiding Charter for Family Owned Businesses in Saudi Arabia'),
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	(273116,26330,'PostType','law_update_articles'),
	(273117,26330,'PostDate','2018-08-01 07:32:04'),
	(273118,26330,'PostUrl','http://localhost:8888/tamimi/law-update-articles/guiding-charter-for-family-owned-businesses-in-saudi-arabia/'),
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	(273121,26330,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8108\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_574104421-2-1024x1024.jpg\" alt=\"\" width=\"322\" height=\"322\" />Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-large wp-image-8111\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_169062704-1024x683.jpg\" alt=\"\" width=\"640\" height=\"427\" />Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></strong></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. It may also provide a roadmap for the enactment of future legislation that will be binding on FOBs.\r\n\r\n&nbsp;'),
	(273124,26330,'EditorLinkPost','http://localhost:8888/tamimi/wp-admin/post.php?post=7960&amp;action=edit'),
	(273125,26330,'ReportText','<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8108\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_574104421-2-1024x1024.jpg\" alt=\"\" width=\"322\" height=\"322\" />Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></strong></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. It may also provide a roadmap for the enactment of future legislation that will be binding on FOBs.\r\n\r\n&nbsp;|<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-full wp-image-8046\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_641258596.jpg\" alt=\"\" width=\"4928\" height=\"1748\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Ministry of Commerce and Investment (\"MoCI\") issued a Guiding Charter for Family Owned Businesses (\"Charter\") on 02-08-1439H corresponding to 18-04-2018G.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This article will provide a summary of the key provisions of the Charter and the added benefits it will bring to family owned businesses in Saudi Arabia (\"FOBs\" or the \"Company\" as the case may be).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs play an important role in Saudi Arabia’s economy, investment environment and job market. However, despite their various contributions to the economy, FOBs have at times failed to realize their full potential due to various factors some of which include a lack of transparency with respect to the management and operations of the Company, inadequate succession planning and the absence of a well-defined dispute resolution mechanism for addressing conflicts within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although the Charter is not binding, the issuance of the Charter is a welcome development as its main aim is to promote the growth of FOBs in Saudi Arabia, and provide them with a set of guiding principles that will allow them to operate in line with international best practices and standards.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>To which Companies does the Charter apply?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter is intended for use by FOBs that are incorporated as closed joint stock companies in Saudi Arabia.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">FOBs that are listed on the Saudi Arabian stock exchange (the \"Tadawul\") as open joint stock companies are already subject to the Capital Market Authority’s corporate governance regulations.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">However, the vast majority of FOBs operating in Saudi Arabia are not listed on the Tadawul. MoCI therefore recognized a need to fill this gap by establishing protocols for FOBs to follow.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Saudi Arabian Companies Law issued by Royal Decree no. M/3 dated 28-01-1437H corresponding to 11-11-2015G (as amended) (the \"Companies Law\") will take precedence over the provisions of the Charter as the Charter is meant to be complementary to the Companies Law and provide a set of guiding principles for FOBs to implement in conjunction with their existing regulatory obligations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>What are the Charter’s Objectives?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The objectives of the Charter include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Provide a guiding framework for FOBs to operate in an efficient and growth-oriented manner in conformance with international best practices and standards.</li>\r\n 	<li dir=\"LTR\">Provide a common vision for family members with respect to the Company’s values and strategic objectives.</li>\r\n 	<li dir=\"LTR\">Enhance accountability and control mechanisms for the shareholders of FOBs.</li>\r\n 	<li dir=\"LTR\">Set-up well-defined strategies and protocols that promote transparency and govern the interaction of the family within the Company.</li>\r\n 	<li dir=\"LTR\">Achieve a proper and fair balance between the interests of the family members and the interests of the Company.</li>\r\n 	<li dir=\"LTR\">Put succession plans into place (for both ownership and management) to ensure their survival and orderly transition.</li>\r\n 	<li dir=\"LTR\">Provide a well-defined mechanism for the timely resolution of any family disputes that may occur, and to ensure that such disputes do not impede decision-making within the Company.</li>\r\n</ul>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft wp-image-8108\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_574104421-2-1024x1024.jpg\" alt=\"\" width=\"322\" height=\"322\" />Shareholders’ Assemblies</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, shareholder meetings are conducted through the Ordinary General Assembly and Extraordinary General Assembly (collectively referred to as the \"Shareholders’ Assemblies\").</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Shareholders’ Assemblies are required to hold all of their meetings in accordance with the provisions of the Companies Law and the Company’s articles of association.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Resolutions passed during any meeting held by the Shareholders’ Assemblies are valid and binding upon all of the family members in the Company, regardless of whether such family members attended the meetings in which the resolutions were issued.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is entitled to submit a written request to the Board of Directors to invite the Ordinary General Assembly (or the Extraordinary General Assembly as the case may be) to convene provided the written request contains justifications for convening the Ordinary General Assembly. In the event the Board of Directors fails to respond to the Family Board’s written request, then the Family Board (discussed in further detail below) is entitled to seek the written approval of family members representing at least 5% of the Company’s share capital in order to obligate the Board of Directors to invite the Ordinary General Assembly to convene.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure that the Company operates in an institutional manner, family members are prohibited from taking any adverse actions that would prevent the Shareholders’ Assemblies from exercising their functions set out in the Companies Law, the Company’s articles of association and Charter.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Family Board</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter prescribes the formation of a Family Board. The Family Board’s competencies include the following:</p>\r\n\r\n<ul>\r\n 	<li dir=\"LTR\">Monitor the overall performance of the Board of Directors and ensure they are compliant with the provisions of the Companies Law and the articles of association of the Company. For this purpose, the Family Board can provide an opinion on potential candidates for the Board of Directors. They also have the authority to investigate whether any member of the Board of Directors is engaging in an activity that is detrimental to the Company such as whether there is a potential conflict of interest or unauthorized disclosure of the Company’s trade secrets.</li>\r\n 	<li dir=\"LTR\">Resolve any disputes that arise between family members that may affect the Company’s operations (further details on the dispute resolution mechanism will be provided below).</li>\r\n 	<li dir=\"LTR\">Consider recommendations from family members for the investment of the Company’s assets and presenting them to the Board of Directors for their approval.</li>\r\n 	<li dir=\"LTR\">Take any necessary actions to ensure that new generations of family members are trained and prepared to manage the Company in the future.</li>\r\n</ul>\r\n<p dir=\"LTR\" align=\"LEFT\">The competencies of the Family Board cannot be in direct conflict with the competencies of the Shareholders’ Assemblies and Board of Directors under the Companies Law, the articles of association of the Company and the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is recommended for a Family Board to be formed when there are more than 12 family members in the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order to ensure the Family Board exercises its competencies in an effective manner, there should not be more than 6 Family Board members. Members of the Family Board are elected by secret ballot at a special meeting held for this purpose. Members should be elected based on their personal and professional capabilities.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A member of the Family Board is not permitted to be a member of the Board of Directors or the executive team of the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Family Board members is restricted to 3 years, and a member is not permitted to be on the Family Board for more than 2 consecutive terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"alignleft size-large wp-image-8111\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_169062704-1024x683.jpg\" alt=\"\" width=\"640\" height=\"427\" />Elections for Family Board members take place under the direction of an Election Committee consisting of 5 family members or any other members appointed by the Ordinary General Assembly. A member appointed to the Election Committee is prohibited from serving as a Family Board member. The Election Committee is required to hold elections for the Family Board members at least 25 days prior to the end of their term. The Election Committee should ensure that the election process is held transparently and impartially.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board should have a Chairman and Deputy-Chairman. They are selected by the Family Board members through secret ballot under the supervision of the Election Committee.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Family Board is required to hold at least 4 meetings each financial year. The Family Board should hold a special meeting prior to any meeting held by the Shareholders’ Assemblies in order to consider the agenda items and to make any recommendations it considers necessary within the scope of its competencies.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The majority of the Family Board members should be present in order for a meeting to be valid. Resolutions issued by the Family Board will need to be approved by a majority of the members present at the meeting. In the event of a deadlock, the Chairman will have the casting vote. The Chairman will invite the Family Board to convene when requested to do so by 2 or more members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Family Board members are entitled to receive remuneration for attending meetings. Remuneration will be equivalent to what is prescribed to Board of Directors members who attend meetings.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">As referenced above, the Charter prescribes a multi-tiered mechanism for the resolution of any disputes that may occur between family members.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Initially, private discussions are held between members of the Family Board to determine the reasons for the dispute and the most optimal way forward to resolving the dispute. The Family Board assigns the Chairman or one of its members who do not have any involvement in the dispute to take the lead in amicably resolving the dispute. The Family Board member assigned to resolve the dispute will then hold discussions with the disputing parties in an effort to resolve the dispute in a manner that is in the best interests of both the family members and the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the event the dispute cannot be settled amicably, a conciliation body consisting of non-family members will be formed in an attempt to settle the dispute in a fair and impartial manner. The Family Board, in consultation with the disputing members, will determine the scope and composition of the conciliation body.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">If the conciliation body referred to in the preceding paragraph cannot be formed or is unable to resolve the dispute, the Family Board will recommend the disputing parties to resolve their dispute through arbitration or a court. The Family Board will need to take necessary measures to ensure that this does not have an adverse effect on the Company’s operations. The Family Board should continue to make an effort to resolve the dispute until a final binding decision is issued by the arbitration tribunal or court. When a final binding decision is issued, the Family Board should ensure that this decision is implemented.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Board of Directors</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Similar to what is provided in the Companies Law, the Board of Directors has wide ranging authority to manage the affairs of the Company and maximize its value. All shareholders are prohibited from interfering with the Board’s functions or the executive team of the Company, unless they are members of the Board or the executive team.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Board members of the Company will be elected by the Ordinary General Assembly. The recommended number of Board members should be between 5 and 9.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">A Chairman and a Deputy Chairman will need to be elected by the Board of Directors through secret ballot. The Chairman of the Board of Directors is not permitted to hold an executive position within the Company.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">When electing Board members, the Ordinary General Assembly should take into consideration each candidate’s personal and professional capabilities such as his or her ability to lead, competence, financial expertise and medical fitness.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The term of the Board of Directors cannot exceed 3 years. Board members may be re-elected for 1 or more terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The CEO of the Company is selected through a resolution issued by the Board of Directors. It is not permissible for the CEO to be the Chairman or Deputy Chairman of the Board of Directors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form an Advisory Board to assist it with its functions. The members of the Advisory Board should have the necessary experience and competence to assist the Board of Directors in developing strategic objectives to ensure the Company’s continuity and growth. The Board of Directors is tasked with establishing the bylaws for the Advisory Board which must then be submitted to the Ordinary General Assembly for approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Board of Directors has the authority to form additional committees as it deems necessary to assist it with its functions.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft size-full wp-image-8047\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_737881615-Converted-01.jpg\" alt=\"\" width=\"3967\" height=\"1751\" /></strong></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sale of Shares</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Any shareholder who intends to sell all or part of his or her shares in the Company will be required to notify all of the shareholders in writing through the Board of Directors. Each shareholder may exercise their priority right to purchase the shares put up for sale within 30 days from the date of notification. In the event 30 days elapse and no shareholder exercises his or her right to purchase the shares, the shareholder may proceed to sell the shares to a third party. It should be noted that this procedure will not be applicable to any transfer of shares by legal inheritance.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Company Policy</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A human resources policy should be developed for the Company that contains clear rules for employing a family member, which will address issues such as qualifications, experience, performance, evaluation and termination.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is not permissible to create a position for the specific purpose of appointing a family member. Additionally, it is not permissible to terminate, without a valid justification, an employee who is not a family member in order to replace him or her with a family member instead.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The salary of an employee, whether or not a member of the family, should be commensurate with the employee’s position, responsibilities, academic qualifications and level of performance.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The work of a family member employed in the Company should not be subject to the supervision of another family member. In addition, no more than 1 member of the family should work in the same department unless it is in the best interests of the Company.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Additional Provisions</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">A family member is entitled to submit a proposal to amend the Charter. The Family Board will assess the proposal to amend the Charter and prepare a report on its findings which will be presented to the Ordinary General Assembly for its consideration and approval.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The articles of association of the Company should be amended in order to be commensurate with the provisions of the Charter.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Charter should be reviewed by shareholders on a regular basis.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">It is advisable for the Charter to include the names and signatures of each shareholder of the Company on the final page.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\nIn conclusion, even though the Charter is merely a guide and is not mandatory for FOBs operating in Saudi Arabia, its issuance is nevertheless a positive development as it will raise a general awareness amongst FOBs of the importance of implementing proper governance frameworks and point the way to international best practice and standards and allow them to increase their contribution to the local economy. It may also provide a roadmap for the enactment of future legislation that will be binding on FOBs.\r\n\r\n&nbsp;'),
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	(274416,26462,'PostTitle','Commercial'),
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	(274418,26462,'PostType','practice'),
	(274419,26462,'PostDate','2017-09-27 10:16:55'),
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	(273628,26375,'MetaValueNew','<p dir=\"LTR\" align=\"LEFT\"><img class=\"size-full wp-image-7980 alignleft\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_760467970-Converted-01.png\" alt=\"\" width=\"2953\" height=\"1300\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The technology revolution continues to rapidly gather pace on a global scale. Terms such as \"FinTech\", \"blockchain\" and \"cryptocurrencies\" are becoming every day terms. But how is the technology revolution relevant to the sports industry? The simple answer is, very. This article touches on various examples where blockchain technology can potentially be of benefit in the sports industry.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Blockchain &amp; Smart Contracts</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Many articles have been written about blockchain. Simply put, blockchain can be described as a public decentralized e-ledger of transactions or data enabling a network of computers to create an audit trail through the internet. It is, in essence, an online form of bookkeeping where the books are not owned by one person. For a single transaction for example, there will be different members of a network involved in the process who will act in accordance with the rules or protocol of the network and who all have visibility over the ledger. The record is secure and is virtually irreversible.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Smart contracts are an important element in a blockchain transaction. These are self executing contracts, the terms of which are written as code into a blockchain. A trigger event can be written into the contract for example, an expiration date or a strike price and once that event is met, the contract executes itself according to its terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The diagram below shows a high level process of how blockchain can work:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"aligncenter wp-image-8114 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/123.jpg\" alt=\"\" width=\"988\" height=\"246\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain’s best attribute is that it any information that must be securely and verifiably transmitted between entities can benefit from using the technology. As blockchain is intended to make the transaction process transparent and safe, in sectors where payment fraud is a concern, the introduction of blockchain technology can be particularly appealing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although blockchain first gained widespread public attention as the technology underpinning the Bitcoin crypto-currency, blockchain is now recognised as having the potential to significantly impact many other sectors in the digital age, including the sports industry. Indeed, a blockchain-based sports microfinancing platform, SportyCo recently organized the World Sports Blockchain Summit, which was described as one of the largest live online events, targeting crypto investors, athletes and sports enthusiasts.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sports Industry</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">eSports, which can be defined as competitive multiplayer gaming, is a sector that is relatively unregulated but gaining worldwide popularity. There are often security concerns in relation to financial transactions regarding eSports - such as how entrance fees are paid and recorded or prize money distributed.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the eSports environment, various terms could be written as code into a blockchain creating a ‘smart contract’ which can define terms and obligations relating to a transaction. These smart contracts could allow gamers to register for a competition and pay entrance fees. It could also allow gamers to receive prizes as soon as games are won. Prizes could be cash or could take the form of tokens which could potentially be used to pay for items in a virtual environment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Wearable Technology</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain can also be used to aid and benefit more traditional sports. It is possible and increasingly common to track an athlete’s performance by the use of wearable technology. Most elite sports teams now use such technology on a daily basis so that they can track its user’s activities, heart rate, diet and performance. Such data is then used by the clubs to see how a player’s performance can be improved. Such information can be very sensitive and by using blockchain technology, the data can be securely stored, verified and transferred.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Anti-Doping</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Doping scandals are a huge issue in certain sports and can seriously undermine the integrity of a sport and damage an athlete’s career. Often where a doping scandal exists, sponsors \"run for the hills\" and governing bodies will investigate an issue and sanction an athlete or a team if foul play is found. Access to accurate and credible medical records of a suspected athlete are key to any investigation. Blockchain technology can be used to better manage the security of medical records. Such records could include information on the test results of an athlete and drugs that they have taken. The authenticity of the information is according to the computer network system as in a traditional blockchain transaction before being added to the blockchain and suitably encrypted. Such a system could therefore provide a credible and reliable source of information relating to the testing of drugs.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Broadcast Data and Interaction</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Broadcasters can also benefit from the use of a blockchain network. As consumers’ viewing habits continue to change, broadcasters are also becoming accustomed to delivering content by way of different means. Where such content is being delivered by way of on-demand services, for example, a smart contract can be used to facilitate payment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain technology can also potentially be used by sports clubs to further engage with its fans. Potentially, blockchain can be used to create a safe and credible ticket exchange between fans wishing to sell genuine tickets. The clubs could also have a stake in the system and which could potentially combat illegal ticket resales.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Potential Developments</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Some commentators have suggested that in the future, blockchain could make it possible for sports clubs to introduce their own cryptocurrency. This could be used to purchase tickets, merchandising and provide other benefits which could even include purchasing hot dogs at matches. Sponsors could even get in on the act as there could be potential for them to engage and transact with fans by accepting such cryptocurrencies. There may be some way to go to achieve all of this, as it would be subject to such cryptocurrencies being subject to a proper regulatory framework within their jurisdictions of operation.</p>\r\nAn interesting development in the sports industry is the use of Blockchain technology in relation to owning part of an athlete’s IP rights. Subject to third party ownership restrictions, various blockchain startups are engaging with athletes to promote them and offer investors the opportunity to own part of their IP rights. The Jetcoin Institute is one such start up which has introduced a cryptocurrency named Jetcoin. Athletes (as well as entertainers and musicians) can enter into an arrangement with the Jetcoin Institute giving part of their image rights to the Institute. The Institute then offers such rights to be purchased by the Jetcoin holders through the Jetcoin platform. The idea is that as the athlete progresses in their career, revenue is generated in relation to their image rights which is distributed to the Jetcoin holders.\r\n\r\nGlobaltalent has a similar concept. It describes itself as a blockchain decentralization platform where clubs and athletes can seek funding by selling future revenue rights to fans worldwide. Investment is by way of a tokenized system through smart contracts. The tokens can also be traded on a secondary market. Again, as mentioned in the context of cryptocurrencies for sports clubs, there may be regulatory issues to deal with in relation to this platform.\r\n\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Middle East Market</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">How does all of this apply to the Middle East? It is no secret that the Middle East region is rapidly adopting and developing blockchain based applications, including but not limited to FinTech. It is also no secret that the Middle East has an insatiable appetite for sports. An increasing number of sports events are held in the region, which already hosts two F1 Grand Prix (Bahrain and Abu Dhabi), cycling races, cricket matches and tennis tournaments. In addition, Qatar will be hosting the FIFA World Cup. The introduction of blockchain can be adapted to sports industry in the region. These could, for example, prove to be beneficial in developing players and teams in the region especially where wearable technology is used, promote sports events in the region when considering fan interaction, as discussed above, and promote or monetizing a home-grown player, in the form of selling IP rights.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In terms of FinTech generally, the government of Bahrain is actively promoting the technology. Bahrain used to be the main financial hub in the region and has been looking at ways to increase its competitiveness in this field. Fintech appears to have presented this opportunity. As has been widely reported, Bahrain has opened Fintech Bay, described by the Economic Development Board (\"EDB\") as the largest Fintech hub in the Middle East. In addition, the Central Bank of Bahrain has launched a \"regulatory sandbox\", which provides a virtual space for companies looking to test their Fintech solutions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain is an important factor in the FinTech area but taking a step back, consideration needs to be given to the legal effect of a blockchain transaction and the validity of smart contracts from a Bahrain law perspective. The Bahrain Civil Code and the Bahrain Law of Commerce allows for parties to transact freely and agree terms between them subject to public policy issues. The elements of creating a contract in Bahrain includes, offer, acceptance and consideration. So as long as these elements can be evidenced and verified in a blockchain transaction through use of smart contracts, Bahrain law is likely to recognise such transactions. Bahrain also has in place an Electronics Transactions Law which states that unless otherwise agreed by the parties, an offer and acceptance of an offer or any other matter that is material to the formation of a contract (including any amendments, revocation or acceptance of the offer) may be undertaken in whole or in part electronically. Whilst the Electronic Transactions Law does not specifically deal with smart contracts and blockchain technology, the foundations are in place in Bahrain law to allow for the development of blockchain technology and FinTech generally.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain wants to become a pioneer in the burgeoning FinTech space and according to the EDB’s Chief Executive, H.E. Mr. Al-Rumaihi, national adoption of blockchain technology will be a key enabler of this. The sports industry could therefore be a sector where Bahrain is well placed to apply blockchain technology in the region.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whilst the use of Blockchain technology was initially focused within the financial industry, the Middle East and especially Bahrain could prove to be fertile ground to develop blockchain based solutions within the region for the sports industry. There will undoubtedly be issues that are unique from a cultural and local law perspective that will need to be considered in the use of blockchain relating to sports in the region, but the potential for development and utilsation is significant, considering the fact that countries in the region share a common language, a passion for sports and a relatively young population, which is quick to embrace new technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Raj Pahuja is a key member of the Al Tamimi &amp; Company’s Sports Law and Events Management practice For further information, please contact Steve Bainbridge (s.bainbridge@tamimi.com).</em></p>'),
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	(274436,26463,'PostDate','2017-09-27 10:16:55'),
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	(274429,26462,'UserAgent','Mozilla/5.0 (Windows NT 10.0; WOW64; Trident/7.0; rv:11.0) like Gecko'),
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	(278603,26845,'PostDate','2017-09-27 09:44:25'),
	(273629,26375,'MetaValueOld','<p dir=\"LTR\" align=\"LEFT\"><img class=\"size-full wp-image-7980 alignleft\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_760467970-Converted-01.png\" alt=\"\" width=\"2953\" height=\"1300\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The technology revolution continues to rapidly gather pace on a global scale. Terms such as \"FinTech\", \"blockchain\" and \"cryptocurrencies\" are becoming every day terms. But how is the technology revolution relevant to the sports industry? The simple answer is, very. This article touches on various examples where blockchain technology can potentially be of benefit in the sports industry.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Blockchain &amp; Smart Contracts</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Many articles have been written about blockchain. Simply put, blockchain can be described as a public decentralized e-ledger of transactions or data enabling a network of computers to create an audit trail through the internet. It is, in essence, an online form of bookkeeping where the books are not owned by one person. For a single transaction for example, there will be different members of a network involved in the process who will act in accordance with the rules or protocol of the network and who all have visibility over the ledger. The record is secure and is virtually irreversible.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Smart contracts are an important element in a blockchain transaction. These are self executing contracts, the terms of which are written as code into a blockchain. A trigger event can be written into the contract for example, an expiration date or a strike price and once that event is met, the contract executes itself according to its terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The diagram below shows a high level process of how blockchain can work:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7947 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Diagram.jpg\" alt=\"\" width=\"787\" height=\"254\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain’s best attribute is that it any information that must be securely and verifiably transmitted between entities can benefit from using the technology. As blockchain is intended to make the transaction process transparent and safe, in sectors where payment fraud is a concern, the introduction of blockchain technology can be particularly appealing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although blockchain first gained widespread public attention as the technology underpinning the Bitcoin crypto-currency, blockchain is now recognised as having the potential to significantly impact many other sectors in the digital age, including the sports industry. Indeed, a blockchain-based sports microfinancing platform, SportyCo recently organized the World Sports Blockchain Summit, which was described as one of the largest live online events, targeting crypto investors, athletes and sports enthusiasts.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sports Industry</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">eSports, which can be defined as competitive multiplayer gaming, is a sector that is relatively unregulated but gaining worldwide popularity. There are often security concerns in relation to financial transactions regarding eSports - such as how entrance fees are paid and recorded or prize money distributed.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the eSports environment, various terms could be written as code into a blockchain creating a ‘smart contract’ which can define terms and obligations relating to a transaction. These smart contracts could allow gamers to register for a competition and pay entrance fees. It could also allow gamers to receive prizes as soon as games are won. Prizes could be cash or could take the form of tokens which could potentially be used to pay for items in a virtual environment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Wearable Technology</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain can also be used to aid and benefit more traditional sports. It is possible and increasingly common to track an athlete’s performance by the use of wearable technology. Most elite sports teams now use such technology on a daily basis so that they can track its user’s activities, heart rate, diet and performance. Such data is then used by the clubs to see how a player’s performance can be improved. Such information can be very sensitive and by using blockchain technology, the data can be securely stored, verified and transferred.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Anti-Doping</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Doping scandals are a huge issue in certain sports and can seriously undermine the integrity of a sport and damage an athlete’s career. Often where a doping scandal exists, sponsors \"run for the hills\" and governing bodies will investigate an issue and sanction an athlete or a team if foul play is found. Access to accurate and credible medical records of a suspected athlete are key to any investigation. Blockchain technology can be used to better manage the security of medical records. Such records could include information on the test results of an athlete and drugs that they have taken. The authenticity of the information is according to the computer network system as in a traditional blockchain transaction before being added to the blockchain and suitably encrypted. Such a system could therefore provide a credible and reliable source of information relating to the testing of drugs.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Broadcast Data and Interaction</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Broadcasters can also benefit from the use of a blockchain network. As consumers’ viewing habits continue to change, broadcasters are also becoming accustomed to delivering content by way of different means. Where such content is being delivered by way of on-demand services, for example, a smart contract can be used to facilitate payment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain technology can also potentially be used by sports clubs to further engage with its fans. Potentially, blockchain can be used to create a safe and credible ticket exchange between fans wishing to sell genuine tickets. The clubs could also have a stake in the system and which could potentially combat illegal ticket resales.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Potential Developments</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Some commentators have suggested that in the future, blockchain could make it possible for sports clubs to introduce their own cryptocurrency. This could be used to purchase tickets, merchandising and provide other benefits which could even include purchasing hot dogs at matches. Sponsors could even get in on the act as there could be potential for them to engage and transact with fans by accepting such cryptocurrencies. There may be some way to go to achieve all of this, as it would be subject to such cryptocurrencies being subject to a proper regulatory framework within their jurisdictions of operation.</p>\r\nAn interesting development in the sports industry is the use of Blockchain technology in relation to owning part of an athlete’s IP rights. Subject to third party ownership restrictions, various blockchain startups are engaging with athletes to promote them and offer investors the opportunity to own part of their IP rights. The Jetcoin Institute is one such start up which has introduced a cryptocurrency named Jetcoin. Athletes (as well as entertainers and musicians) can enter into an arrangement with the Jetcoin Institute giving part of their image rights to the Institute. The Institute then offers such rights to be purchased by the Jetcoin holders through the Jetcoin platform. The idea is that as the athlete progresses in their career, revenue is generated in relation to their image rights which is distributed to the Jetcoin holders.\r\n\r\nGlobaltalent has a similar concept. It describes itself as a blockchain decentralization platform where clubs and athletes can seek funding by selling future revenue rights to fans worldwide. Investment is by way of a tokenized system through smart contracts. The tokens can also be traded on a secondary market. Again, as mentioned in the context of cryptocurrencies for sports clubs, there may be regulatory issues to deal with in relation to this platform.\r\n\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Middle East Market</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">How does all of this apply to the Middle East? It is no secret that the Middle East region is rapidly adopting and developing blockchain based applications, including but not limited to FinTech. It is also no secret that the Middle East has an insatiable appetite for sports. An increasing number of sports events are held in the region, which already hosts two F1 Grand Prix (Bahrain and Abu Dhabi), cycling races, cricket matches and tennis tournaments. In addition, Qatar will be hosting the FIFA World Cup. The introduction of blockchain can be adapted to sports industry in the region. These could, for example, prove to be beneficial in developing players and teams in the region especially where wearable technology is used, promote sports events in the region when considering fan interaction, as discussed above, and promote or monetizing a home-grown player, in the form of selling IP rights.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In terms of FinTech generally, the government of Bahrain is actively promoting the technology. Bahrain used to be the main financial hub in the region and has been looking at ways to increase its competitiveness in this field. Fintech appears to have presented this opportunity. As has been widely reported, Bahrain has opened Fintech Bay, described by the Economic Development Board (\"EDB\") as the largest Fintech hub in the Middle East. In addition, the Central Bank of Bahrain has launched a \"regulatory sandbox\", which provides a virtual space for companies looking to test their Fintech solutions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain is an important factor in the FinTech area but taking a step back, consideration needs to be given to the legal effect of a blockchain transaction and the validity of smart contracts from a Bahrain law perspective. The Bahrain Civil Code and the Bahrain Law of Commerce allows for parties to transact freely and agree terms between them subject to public policy issues. The elements of creating a contract in Bahrain includes, offer, acceptance and consideration. So as long as these elements can be evidenced and verified in a blockchain transaction through use of smart contracts, Bahrain law is likely to recognise such transactions. Bahrain also has in place an Electronics Transactions Law which states that unless otherwise agreed by the parties, an offer and acceptance of an offer or any other matter that is material to the formation of a contract (including any amendments, revocation or acceptance of the offer) may be undertaken in whole or in part electronically. Whilst the Electronic Transactions Law does not specifically deal with smart contracts and blockchain technology, the foundations are in place in Bahrain law to allow for the development of blockchain technology and FinTech generally.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain wants to become a pioneer in the burgeoning FinTech space and according to the EDB’s Chief Executive, H.E. Mr. Al-Rumaihi, national adoption of blockchain technology will be a key enabler of this. The sports industry could therefore be a sector where Bahrain is well placed to apply blockchain technology in the region.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whilst the use of Blockchain technology was initially focused within the financial industry, the Middle East and especially Bahrain could prove to be fertile ground to develop blockchain based solutions within the region for the sports industry. There will undoubtedly be issues that are unique from a cultural and local law perspective that will need to be considered in the use of blockchain relating to sports in the region, but the potential for development and utilsation is significant, considering the fact that countries in the region share a common language, a passion for sports and a relatively young population, which is quick to embrace new technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Raj Pahuja is a key member of the Al Tamimi &amp; Company’s Sports Law and Events Management practice For further information, please contact Steve Bainbridge (s.bainbridge@tamimi.com).</em></p>'),
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Simply put, blockchain can be described as a public decentralized e-ledger of transactions or data enabling a network of computers to create an audit trail through the internet. It is, in essence, an online form of bookkeeping where the books are not owned by one person. For a single transaction for example, there will be different members of a network involved in the process who will act in accordance with the rules or protocol of the network and who all have visibility over the ledger. The record is secure and is virtually irreversible.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Smart contracts are an important element in a blockchain transaction. These are self executing contracts, the terms of which are written as code into a blockchain. A trigger event can be written into the contract for example, an expiration date or a strike price and once that event is met, the contract executes itself according to its terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The diagram below shows a high level process of how blockchain can work:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"wp-image-7947 aligncenter\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/Diagram.jpg\" alt=\"\" width=\"787\" height=\"254\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain’s best attribute is that it any information that must be securely and verifiably transmitted between entities can benefit from using the technology. As blockchain is intended to make the transaction process transparent and safe, in sectors where payment fraud is a concern, the introduction of blockchain technology can be particularly appealing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although blockchain first gained widespread public attention as the technology underpinning the Bitcoin crypto-currency, blockchain is now recognised as having the potential to significantly impact many other sectors in the digital age, including the sports industry. Indeed, a blockchain-based sports microfinancing platform, SportyCo recently organized the World Sports Blockchain Summit, which was described as one of the largest live online events, targeting crypto investors, athletes and sports enthusiasts.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sports Industry</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">eSports, which can be defined as competitive multiplayer gaming, is a sector that is relatively unregulated but gaining worldwide popularity. There are often security concerns in relation to financial transactions regarding eSports - such as how entrance fees are paid and recorded or prize money distributed.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the eSports environment, various terms could be written as code into a blockchain creating a ‘smart contract’ which can define terms and obligations relating to a transaction. These smart contracts could allow gamers to register for a competition and pay entrance fees. It could also allow gamers to receive prizes as soon as games are won. Prizes could be cash or could take the form of tokens which could potentially be used to pay for items in a virtual environment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Wearable Technology</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain can also be used to aid and benefit more traditional sports. It is possible and increasingly common to track an athlete’s performance by the use of wearable technology. Most elite sports teams now use such technology on a daily basis so that they can track its user’s activities, heart rate, diet and performance. Such data is then used by the clubs to see how a player’s performance can be improved. Such information can be very sensitive and by using blockchain technology, the data can be securely stored, verified and transferred.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Anti-Doping</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Doping scandals are a huge issue in certain sports and can seriously undermine the integrity of a sport and damage an athlete’s career. Often where a doping scandal exists, sponsors \"run for the hills\" and governing bodies will investigate an issue and sanction an athlete or a team if foul play is found. Access to accurate and credible medical records of a suspected athlete are key to any investigation. Blockchain technology can be used to better manage the security of medical records. Such records could include information on the test results of an athlete and drugs that they have taken. The authenticity of the information is according to the computer network system as in a traditional blockchain transaction before being added to the blockchain and suitably encrypted. Such a system could therefore provide a credible and reliable source of information relating to the testing of drugs.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Broadcast Data and Interaction</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Broadcasters can also benefit from the use of a blockchain network. As consumers’ viewing habits continue to change, broadcasters are also becoming accustomed to delivering content by way of different means. Where such content is being delivered by way of on-demand services, for example, a smart contract can be used to facilitate payment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain technology can also potentially be used by sports clubs to further engage with its fans. Potentially, blockchain can be used to create a safe and credible ticket exchange between fans wishing to sell genuine tickets. The clubs could also have a stake in the system and which could potentially combat illegal ticket resales.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Potential Developments</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Some commentators have suggested that in the future, blockchain could make it possible for sports clubs to introduce their own cryptocurrency. This could be used to purchase tickets, merchandising and provide other benefits which could even include purchasing hot dogs at matches. Sponsors could even get in on the act as there could be potential for them to engage and transact with fans by accepting such cryptocurrencies. There may be some way to go to achieve all of this, as it would be subject to such cryptocurrencies being subject to a proper regulatory framework within their jurisdictions of operation.</p>\r\nAn interesting development in the sports industry is the use of Blockchain technology in relation to owning part of an athlete’s IP rights. Subject to third party ownership restrictions, various blockchain startups are engaging with athletes to promote them and offer investors the opportunity to own part of their IP rights. The Jetcoin Institute is one such start up which has introduced a cryptocurrency named Jetcoin. Athletes (as well as entertainers and musicians) can enter into an arrangement with the Jetcoin Institute giving part of their image rights to the Institute. The Institute then offers such rights to be purchased by the Jetcoin holders through the Jetcoin platform. The idea is that as the athlete progresses in their career, revenue is generated in relation to their image rights which is distributed to the Jetcoin holders.\r\n\r\nGlobaltalent has a similar concept. It describes itself as a blockchain decentralization platform where clubs and athletes can seek funding by selling future revenue rights to fans worldwide. Investment is by way of a tokenized system through smart contracts. The tokens can also be traded on a secondary market. Again, as mentioned in the context of cryptocurrencies for sports clubs, there may be regulatory issues to deal with in relation to this platform.\r\n\r\n&nbsp;<p dir=\"LTR\" align=\"LEFT\"><strong>Middle East Market</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">How does all of this apply to the Middle East? It is no secret that the Middle East region is rapidly adopting and developing blockchain based applications, including but not limited to FinTech. It is also no secret that the Middle East has an insatiable appetite for sports. An increasing number of sports events are held in the region, which already hosts two F1 Grand Prix (Bahrain and Abu Dhabi), cycling races, cricket matches and tennis tournaments. In addition, Qatar will be hosting the FIFA World Cup. The introduction of blockchain can be adapted to sports industry in the region. These could, for example, prove to be beneficial in developing players and teams in the region especially where wearable technology is used, promote sports events in the region when considering fan interaction, as discussed above, and promote or monetizing a home-grown player, in the form of selling IP rights.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In terms of FinTech generally, the government of Bahrain is actively promoting the technology. Bahrain used to be the main financial hub in the region and has been looking at ways to increase its competitiveness in this field. Fintech appears to have presented this opportunity. As has been widely reported, Bahrain has opened Fintech Bay, described by the Economic Development Board (\"EDB\") as the largest Fintech hub in the Middle East. In addition, the Central Bank of Bahrain has launched a \"regulatory sandbox\", which provides a virtual space for companies looking to test their Fintech solutions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain is an important factor in the FinTech area but taking a step back, consideration needs to be given to the legal effect of a blockchain transaction and the validity of smart contracts from a Bahrain law perspective. The Bahrain Civil Code and the Bahrain Law of Commerce allows for parties to transact freely and agree terms between them subject to public policy issues. The elements of creating a contract in Bahrain includes, offer, acceptance and consideration. So as long as these elements can be evidenced and verified in a blockchain transaction through use of smart contracts, Bahrain law is likely to recognise such transactions. Bahrain also has in place an Electronics Transactions Law which states that unless otherwise agreed by the parties, an offer and acceptance of an offer or any other matter that is material to the formation of a contract (including any amendments, revocation or acceptance of the offer) may be undertaken in whole or in part electronically. Whilst the Electronic Transactions Law does not specifically deal with smart contracts and blockchain technology, the foundations are in place in Bahrain law to allow for the development of blockchain technology and FinTech generally.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain wants to become a pioneer in the burgeoning FinTech space and according to the EDB’s Chief Executive, H.E. Mr. Al-Rumaihi, national adoption of blockchain technology will be a key enabler of this. The sports industry could therefore be a sector where Bahrain is well placed to apply blockchain technology in the region.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whilst the use of Blockchain technology was initially focused within the financial industry, the Middle East and especially Bahrain could prove to be fertile ground to develop blockchain based solutions within the region for the sports industry. There will undoubtedly be issues that are unique from a cultural and local law perspective that will need to be considered in the use of blockchain relating to sports in the region, but the potential for development and utilsation is significant, considering the fact that countries in the region share a common language, a passion for sports and a relatively young population, which is quick to embrace new technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Raj Pahuja is a key member of the Al Tamimi &amp; Company’s Sports Law and Events Management practice For further information, please contact Steve Bainbridge (s.bainbridge@tamimi.com).</em></p>|<p dir=\"LTR\" align=\"LEFT\"><img class=\"size-full wp-image-7980 alignleft\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/07/shutterstock_760467970-Converted-01.png\" alt=\"\" width=\"2953\" height=\"1300\" /></p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\">The technology revolution continues to rapidly gather pace on a global scale. Terms such as \"FinTech\", \"blockchain\" and \"cryptocurrencies\" are becoming every day terms. But how is the technology revolution relevant to the sports industry? The simple answer is, very. This article touches on various examples where blockchain technology can potentially be of benefit in the sports industry.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Blockchain &amp; Smart Contracts</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Many articles have been written about blockchain. Simply put, blockchain can be described as a public decentralized e-ledger of transactions or data enabling a network of computers to create an audit trail through the internet. It is, in essence, an online form of bookkeeping where the books are not owned by one person. For a single transaction for example, there will be different members of a network involved in the process who will act in accordance with the rules or protocol of the network and who all have visibility over the ledger. The record is secure and is virtually irreversible.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Smart contracts are an important element in a blockchain transaction. These are self executing contracts, the terms of which are written as code into a blockchain. A trigger event can be written into the contract for example, an expiration date or a strike price and once that event is met, the contract executes itself according to its terms.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The diagram below shows a high level process of how blockchain can work:</p>\r\n<p dir=\"LTR\" align=\"LEFT\"><img class=\"aligncenter wp-image-8114 \" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/123.jpg\" alt=\"\" width=\"988\" height=\"246\" /></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain’s best attribute is that it any information that must be securely and verifiably transmitted between entities can benefit from using the technology. As blockchain is intended to make the transaction process transparent and safe, in sectors where payment fraud is a concern, the introduction of blockchain technology can be particularly appealing.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Although blockchain first gained widespread public attention as the technology underpinning the Bitcoin crypto-currency, blockchain is now recognised as having the potential to significantly impact many other sectors in the digital age, including the sports industry. Indeed, a blockchain-based sports microfinancing platform, SportyCo recently organized the World Sports Blockchain Summit, which was described as one of the largest live online events, targeting crypto investors, athletes and sports enthusiasts.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Sports Industry</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">eSports, which can be defined as competitive multiplayer gaming, is a sector that is relatively unregulated but gaining worldwide popularity. There are often security concerns in relation to financial transactions regarding eSports - such as how entrance fees are paid and recorded or prize money distributed.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In the eSports environment, various terms could be written as code into a blockchain creating a ‘smart contract’ which can define terms and obligations relating to a transaction. These smart contracts could allow gamers to register for a competition and pay entrance fees. It could also allow gamers to receive prizes as soon as games are won. Prizes could be cash or could take the form of tokens which could potentially be used to pay for items in a virtual environment.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Wearable Technology</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain can also be used to aid and benefit more traditional sports. It is possible and increasingly common to track an athlete’s performance by the use of wearable technology. Most elite sports teams now use such technology on a daily basis so that they can track its user’s activities, heart rate, diet and performance. Such data is then used by the clubs to see how a player’s performance can be improved. Such information can be very sensitive and by using blockchain technology, the data can be securely stored, verified and transferred.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Anti-Doping</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Doping scandals are a huge issue in certain sports and can seriously undermine the integrity of a sport and damage an athlete’s career. Often where a doping scandal exists, sponsors \"run for the hills\" and governing bodies will investigate an issue and sanction an athlete or a team if foul play is found. Access to accurate and credible medical records of a suspected athlete are key to any investigation. Blockchain technology can be used to better manage the security of medical records. Such records could include information on the test results of an athlete and drugs that they have taken. The authenticity of the information is according to the computer network system as in a traditional blockchain transaction before being added to the blockchain and suitably encrypted. Such a system could therefore provide a credible and reliable source of information relating to the testing of drugs.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Broadcast Data and Interaction</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Broadcasters can also benefit from the use of a blockchain network. As consumers’ viewing habits continue to change, broadcasters are also becoming accustomed to delivering content by way of different means. Where such content is being delivered by way of on-demand services, for example, a smart contract can be used to facilitate payment.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain technology can also potentially be used by sports clubs to further engage with its fans. Potentially, blockchain can be used to create a safe and credible ticket exchange between fans wishing to sell genuine tickets. The clubs could also have a stake in the system and which could potentially combat illegal ticket resales.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Potential Developments</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Some commentators have suggested that in the future, blockchain could make it possible for sports clubs to introduce their own cryptocurrency. This could be used to purchase tickets, merchandising and provide other benefits which could even include purchasing hot dogs at matches. Sponsors could even get in on the act as there could be potential for them to engage and transact with fans by accepting such cryptocurrencies. There may be some way to go to achieve all of this, as it would be subject to such cryptocurrencies being subject to a proper regulatory framework within their jurisdictions of operation.</p>\r\nAn interesting development in the sports industry is the use of Blockchain technology in relation to owning part of an athlete’s IP rights. Subject to third party ownership restrictions, various blockchain startups are engaging with athletes to promote them and offer investors the opportunity to own part of their IP rights. The Jetcoin Institute is one such start up which has introduced a cryptocurrency named Jetcoin. Athletes (as well as entertainers and musicians) can enter into an arrangement with the Jetcoin Institute giving part of their image rights to the Institute. The Institute then offers such rights to be purchased by the Jetcoin holders through the Jetcoin platform. The idea is that as the athlete progresses in their career, revenue is generated in relation to their image rights which is distributed to the Jetcoin holders.\r\n\r\nGlobaltalent has a similar concept. It describes itself as a blockchain decentralization platform where clubs and athletes can seek funding by selling future revenue rights to fans worldwide. Investment is by way of a tokenized system through smart contracts. The tokens can also be traded on a secondary market. Again, as mentioned in the context of cryptocurrencies for sports clubs, there may be regulatory issues to deal with in relation to this platform.\r\n\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Middle East Market</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">How does all of this apply to the Middle East? It is no secret that the Middle East region is rapidly adopting and developing blockchain based applications, including but not limited to FinTech. It is also no secret that the Middle East has an insatiable appetite for sports. An increasing number of sports events are held in the region, which already hosts two F1 Grand Prix (Bahrain and Abu Dhabi), cycling races, cricket matches and tennis tournaments. In addition, Qatar will be hosting the FIFA World Cup. The introduction of blockchain can be adapted to sports industry in the region. These could, for example, prove to be beneficial in developing players and teams in the region especially where wearable technology is used, promote sports events in the region when considering fan interaction, as discussed above, and promote or monetizing a home-grown player, in the form of selling IP rights.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In terms of FinTech generally, the government of Bahrain is actively promoting the technology. Bahrain used to be the main financial hub in the region and has been looking at ways to increase its competitiveness in this field. Fintech appears to have presented this opportunity. As has been widely reported, Bahrain has opened Fintech Bay, described by the Economic Development Board (\"EDB\") as the largest Fintech hub in the Middle East. In addition, the Central Bank of Bahrain has launched a \"regulatory sandbox\", which provides a virtual space for companies looking to test their Fintech solutions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Blockchain is an important factor in the FinTech area but taking a step back, consideration needs to be given to the legal effect of a blockchain transaction and the validity of smart contracts from a Bahrain law perspective. The Bahrain Civil Code and the Bahrain Law of Commerce allows for parties to transact freely and agree terms between them subject to public policy issues. The elements of creating a contract in Bahrain includes, offer, acceptance and consideration. So as long as these elements can be evidenced and verified in a blockchain transaction through use of smart contracts, Bahrain law is likely to recognise such transactions. Bahrain also has in place an Electronics Transactions Law which states that unless otherwise agreed by the parties, an offer and acceptance of an offer or any other matter that is material to the formation of a contract (including any amendments, revocation or acceptance of the offer) may be undertaken in whole or in part electronically. Whilst the Electronic Transactions Law does not specifically deal with smart contracts and blockchain technology, the foundations are in place in Bahrain law to allow for the development of blockchain technology and FinTech generally.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Bahrain wants to become a pioneer in the burgeoning FinTech space and according to the EDB’s Chief Executive, H.E. Mr. Al-Rumaihi, national adoption of blockchain technology will be a key enabler of this. The sports industry could therefore be a sector where Bahrain is well placed to apply blockchain technology in the region.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Conclusion</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whilst the use of Blockchain technology was initially focused within the financial industry, the Middle East and especially Bahrain could prove to be fertile ground to develop blockchain based solutions within the region for the sports industry. There will undoubtedly be issues that are unique from a cultural and local law perspective that will need to be considered in the use of blockchain relating to sports in the region, but the potential for development and utilsation is significant, considering the fact that countries in the region share a common language, a passion for sports and a relatively young population, which is quick to embrace new technologies.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><em>Raj Pahuja is a key member of the Al Tamimi &amp; Company’s Sports Law and Events Management practice For further information, please contact Steve Bainbridge (s.bainbridge@tamimi.com).</em></p>'),
	(279705,26964,'MetaValueOld','<ul>\r\n 	<li><strong>Multinational company</strong> on its acquisition of an e-commerce company operating across the Middle East.</li>\r\n 	<li>Private equity fund on the acquisition of <strong>two renewable energy generation companies</strong>.</li>\r\n 	<li><strong>Multinational bank</strong> on the sale of its consumer banking business.</li>\r\n 	<li>Consortium of high net worth individuals on the disposal of a majority stake in a <strong>warehousing company</strong>.</li>\r\n 	<li><strong>Syndicate of international and regional lenders</strong> in connection with the sale by a borrower of its secured shares in a multinational bank.</li>\r\n 	<li>Private equity fund on the disposal of its entire stake in <strong>an agricultural products company</strong>.</li>\r\n 	<li><strong>Multinational company</strong> on its acquisition of an online food-ordering company.</li>\r\n 	<li><strong>Saudi-based issuer</strong> on its initial public offering.</li>\r\n 	<li><strong>Saudi-based issuer</strong> on its rights issue.</li>\r\n</ul>'),
	(276035,26600,'MetaValueOld','Saudi Arabia is undergoing significant reform but, beyond the maelstrom of political speculation and conjecture, what are the practical and legal implications of the anti-corruption drive for investors?\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia has seen tumultuous reform in the last 12 months as Crown Prince Mohammed bin Salman has sought to propel Saudi Arabia towards Vision 2030. International attention has been riveted to the government’s surging anti-corruption drive since a number of high-profile individuals were detained on corruption charges towards the end of 2017. Much of this attention, however, has been tangential, without providing clear insight into what impact such radical measures will have on the country’s legal framework and business climate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8128 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_509472535-1024x683.jpg\" alt=\"\" width=\"493\" height=\"301\" />A Favourable Forecast? The Business Outlook on Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The extent and boldness of the recent measures taken in Saudi Arabia are indicative of the government’s resolve to eliminate corruption in the system. The Kingdom has been signatory to the United National Convention Against Corruption (UNCAC) since 2004, though it only ratified the agreement in 2013. The events that have garnered so much international attention are only the latest in a long-term initiative to address corrupt practices in the business sector. Between 2012 and 2017, Saudi Arabia has improved its score on the Transparency International Corruption Perceptions Index (CPI) from 44 to 49. Whilst this score still reflects significant room for improvement, it also charts measurable progress in a region that continues to face drastic change, and provides impetus for the more recent measures that clearly demonstrate the elevated priority of anti-corruption reform.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In order for the Kingdom to benefit from its drive for sustainability and prosperity, however, its determination to eradicate corruption must be symbiotic with its ability to assure investor confidence. The zero-tolerance approach that has surfaced over the past year has the potential to greatly improve the integrity of Saudi Arabia’s business market, but lingering concerns surround residual corruption with certain businesses continuing to question the feasibility and longevity of trading in the Kingdom.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The United Nations Conference on Trade and Development (UNCTD) World Investment Report 2018 suggests that, in the short term at least, the anti-corruption drive has done little to improve investor confidence and may even have exacerbated feelings of uncertainty. Inward Foreign Direct Investment (FDI) flows have fallen by more than 80% between 2016 and 2017. Whilst this trend cannot be entirely attributed to the anti-corruption sweep that happened late in the final quarter of the year, it is certainly likely to have been a contributory factor in unsettling investor confidence. From a long-term perspective, however, efforts to level the playing field in Saudi Arabia may bring fairer weather to businesses as the obstacles associated with pervasive corruption are gradually eliminated from the system.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Saudi Arabia is far from being alone in its fight against corruption; it is one of the most prevalent and pressing issues facing systems across the globe, and countries with endemic corruption problems face an almost insurmountable challenge to attract foreign investment. At this nascent stage, it would be premature to speculate as to how other Middle Eastern countries will respond to the Kingdom’s efforts, but the most desirable outcome would be for neighbouring countries to become emboldened in their own anti-corruption efforts. The UAE already stands as the regional outlier in anti-corruption efforts, with a CPI 2017 ranking of 21st in the world, comparable to many leading international jurisdictions. The combined efforts of both Saudi Arabia and the UAE could be instrumental in forging a clear path to greater transparency for other afflicted countries in the Middle East.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Staying Dry: Legal Safeguards Against Corruption In The Kingdom</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The primary anti-corruption provisions are provided by the anti-bribery law issued by Royal Decree No. M/36 of 29-Dhu al-Hijjah-1412 (corresponding to 30 June 1996) (the \"Anti-Bribery Law\"). More recently, a decree was issued setting out rules relating to gifts for public officials (Decree No. 60 dated 18 Safar 1437H (corresponding to 1 December 2015) (the \"Rules on Gifts to Officials\" or the \"Rules\").</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft  wp-image-8127\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_498755845-1024x683.jpg\" alt=\"\" width=\"480\" height=\"327\" />Bribery of Public Officials</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law is primarily focused on public servants. In order to maintain maximum protection for its public sector, the definition is intentionally broad, extending to personnel of joint stock companies, along with their board members and directors. It may also capture private sector individuals who are working on government-related projects, such as consultants to government projects, including temporary employees, experts appointed by the government or judiciary, or even employees of private companies contracted to provide public services. Employees of joint stock companies are also subject to the Anti-Bribery Law, as well as employees of companies and sole proprietorships engaged in banking services.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The Anti-Bribery Law broadly defines a bribee as any public servant who solicits, accepts or receives for himself or for others, a gift or payment of any sort, or a promise thereof, as consideration for any act that impinges on the integrity of office. Defences against such practices are fortified by the absence of any exemption, caveat or even significant qualifying criteria for the type of act that could invoke bribery provisions. Any act can be considered corrupt, regardless of its legitimacy, whether it is a positive act or an omission, whether it has been done in the absence of a prior agreement, and even where it involves using the influence attached to a public office to gain benefit, rather than the performance of a relevant duty.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Given the traditionally prominent role of the government in the national economy, the Anti-Bribery Law does provide relatively wide protection, despite the obvious lack of corresponding safeguards applicable to the private sector. Privatisation targets encapsulated by Vision 2030, however, necessitate more complete protection and new measures that target both the public and private sector are a requirement going forward.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Penalties and Enforcement</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Under the Anti-Bribery Law, penalties for the offences set out above can reach maximum penalties of imprisonment for a term not exceeding ten years and/or a fine not exceeding one million riyals (about USD 275,000).</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Along with the specific penalties applicable to public servants who accept a bribe, it should be noted that the Anti-Bribery Law provides for the person offering the bribe (whether it is accepted or not), and any accomplice, to be susceptible to corresponding punishments.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">To protect a culture of respect for public officials, conviction on bribery offences also leads to dismissal and a bar from public office for a minimum of five years. In an attempt to prevent perpetrators from benefitting from the proceeds of crime, the Anti Bribery Law provides that any money, benefit or privilege derived from committal of the offence be confiscated wherever possible.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8130 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_779654593-1024x683.jpg\" alt=\"\" width=\"476\" height=\"326\" />Gifts and Hospitality</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">No exemptions are provided for gifts and hospitality in the Anti-Bribery Law. Any benefit or privilege obtained by the bribee, regardless of its type or designation, whether material or otherwise, shall be considered a (prohibited) gift or promise. This has led to confusion in the past, as conventional business practices that would be widely accepted in other systems appeared to invoke the strict anti-bribery restrictions.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This matter was somewhat elucidated with the passing of the Rules on Gifts to Officials. Pursuant to these Rules, an official may accept gifts, given at visits and official occasions or at receptions of official guests, in accordance with custom and the courtesy protocols of such visits and occasions, though they cannot be cash and must be conventional in the context in which it is given. Crucially, businesses must be cognisant that generally, when reviewing the appositeness of a gift, the authorities will consider a number of contextual factors, including the proximity of the gift-giving to any relevant business deal, common courtesy practices of the firm in question, proportionality of the gift to conventional customs, and the appropriateness of the benefit given.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Though further provisions on the permissibility of certain types of gifts are outlined in the Rules, gifts and hospitality continue to be point of concern for business and can prove problematic in a culture where generosity is an ever-present feature of relations.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Exposure for Corporate Entities</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Significantly, where the manager or any employee of a private company is convicted of any offence under the Anti-Bribery Law, and the offence was committed for the benefit of such company, the law provides for a fine not exceeding ten times the value of the bribe and/or a ban from entering into public procurement or project contracts of at least 5 years. The briber can be exempted from punishment if he informs the authorities prior to the discovery of the offence, and this may provide some means by which corporate entities can limit their exposure upon becoming aware of any apparent offences under the Anti-Bribery Law.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Preparing for the Tempest: Bolstering Defences Ahead Of Reform</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">From a strategic perspective, since bribery is rarely an isolated issue, responses need to be thorough and comprehensive; part of an overarching coordinated national strategy that provides protection across an entire economic system and all branches of government. In order to ensure that such strategies are effective and aligned across institutions and businesses, they require constant monitoring and enforcement by a dedicated and independent authority, Where these institutions also act as the recipient in a sound and efficient reporting mechanism, the presence of a clear and trustworthy process increases the confidence of international investors.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Aside from the well-publicised arrests, Saudi Arabia’s corruption reform has extended to measures in other parts of its anti-corruption framework that have more sustainable implications for how it will address corrupt practices in future. These bold new mechanisms also enhance the country’s invigorated anti-corruption culture, which marks an abrupt departure from its previous presumed reticence on corruption matters.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"alignleft  wp-image-8126\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_455965843-1024x683.jpg\" alt=\"\" width=\"495\" height=\"353\" />Newly-formed Supreme Committee for Anti-Corruption</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">The formation of the Supreme Committee is indicative of the greater strategic importance of anti-graft efforts to the country’s wider reform programme. Chaired by the Crown Prince and comprised of high-ranking officials from various sectors of governance, including security, finance and existing anti-corruption bodies, the Committee acts as a mechanism that will immediately elevate corruption instances to the remit of the highest echelons of government. In so doing, the Kingdom is sending a strong message that it will no longer turn a blind eye to practices that compromise its financial system or rule of law.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The new Supreme Committee will have vastly advanced investigative and prosecutorial powers, including the capacity to issue arrest warrants and order interim measures such as issuing travel bans and asset freezing orders. This is a critical limitation of the existing National Anti-Corruption Commission, more commonly known as Nazaha, which was established in 2012 and has limited capacity, despite its function as the primary recipient of reports of corrupt activity. The new committee will not replace Nazaha, which will continue to target the protection of national integrity, investigate instances of graft in government contracts and refer any incidents to the relevant authorities and public prosecution as and when necessary.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">By coordinating the activities of both the Supreme Committee and Nazaha, the efficacy of existing measures will be boosted by covering a wider scope of prosecutorial powers, increased authority with which to pursue perpetrators, and greater scrutiny through public awareness.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Specialised Anti-corruption Units Within the Public Prosecution Department</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">As an additional measure, the Saudi government announced as recently as March 2018 that it had established new specialised anti-corruption units within the Public Prosecution. Cases prosecuted by these units would be carried out under the direct oversight of the Attorney General, once again demonstrating the paramount importance of corruption-related cases. Though it is unclear when the dedicated units will become operational, in creating this new advanced capacity the Saudi government has improved its ability to investigate and prosecute corrupt activity and, in so doing, will add an extra deterrent against illicit practices.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong><img class=\"wp-image-8123 alignright\" src=\"http://localhost:8888/tamimi/wp-content/uploads/2018/08/shutterstock_342657950-1024x1024.jpg\" alt=\"\" width=\"372\" height=\"376\" />Whistleblower Culture</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Whistleblower protection is a significant point of departure in many regimes across the globe. Whilst some Western systems, such as the US, actively promote whistleblowing activity through substantial financial incentives, most countries in the Middle East have thus far been slow to introduce formal protection for whistleblowers, preferring instead to rely on a positive reporting duty and conscionable actions by citizens.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In this context, Saudi Arabia’s more proactive approach appears as an outlier. Article 17 of the Anti-Bribery Law provides for rewards for information substantiating an offence. Any person who is not a briber, or an accomplice, and who provides incriminating information substantiating any offence set out in Anti-Bribery Law, shall receive a reward not less than five thousand riyals (about USD 1,350) and not more than half of the money confiscated. There may be scope for a higher reward to be approved in appropriate circumstances.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">In addition, King Salman’s recent order in May 2018 to provide whistle blower protection is progressive in its outlook and signifies Saudi Arabia’s willingness to accede to international standards of rights and transparency when it comes to prosecuting corruption crimes. If Saudi Arabia is mindful of the risks posed by the potential for spurious claims and introduces adequate measures to prevent abuse of the reporting system, whistle blower protection is yet a further measure that will likely serve to reinforce the culture of zero tolerance that Saudi Arabia is attempting to cultivate.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>Impending Amendments to the Anti-Bribery Law</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">On 2 July 2018, Saudi Arabia’s Shoura (Consultative) Council approved draft amendments to the Anti-Bribery Law. The changes, which are yet to be implemented, are reportedly aimed at providing enhanced protection to public utilities through sound prosecution procedures and severe punishment for offences, as well as further enshrining the principles and commitments contained in the United Nations Convention Against Corruption (UNCAC). At present, the extent and exact nature of the amendments are unknown, but once officially passed into law, they have the potential to radically modernise Saudi Arabia’s anti-bribery legislation. This critical development warrants close attention over the coming months as the process to implementation progresses, and could assist investors in assessing the long-term outlook for Saudi Arabia’s economic integrity.</p>\r\n&nbsp;\r\n<p dir=\"LTR\" align=\"LEFT\"><strong>A Weather Eye on the Horizon: Is Further Change an Inevitability?</strong></p>\r\n<p dir=\"LTR\" align=\"LEFT\">Anti-corruption measures are an ancillary part of the legal reform process in KSA, but do not represent the totality of the country’s ongoing transition. New money-laundering laws passed in October 2017 are emblematic of the Kingdom’s resolve to eradicate illicit practices from its system. Corruption is symptomatic of countries where there is weak rule of law, but Saudi Arabia’s legal fortifications will go a long way to stamping out the nexus of criminal behaviour that facilitates and drives corruption trends. These are important contributory factors that should be considered by foreign investors when making an assessment of Saudi Arabia’s economic security.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">The changes that have already been implemented will only improve the prognosis of anti-corruption in Saudi Arabia. The continued momentum garnered from these initiatives will drive awareness of corruption problems, aided by the combined activity of Nazaha and the newly formed Supreme Committee for Anti-Corruption.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">This is a pivotal time for Saudi Arabia and the long-term outlook is positive – there is already evidence of widespread reform to protect the Kingdom’s economic stability and integrity and address systemic weaknesses. Simultaneously, the changes that have been gradually introduced by Saudi Arabia’s General Investment Authority (SAGIA) since 2015 to liberalise the national economy and provide space for full foreign ownership in key sectors, are creating new incentive for foreign investors to tap into the largest market in the Middle East.</p>\r\n<p dir=\"LTR\" align=\"LEFT\">Equally, investors must strike the appropriate balance between caution and enthusiasm when encountering new opportunities in the market. Corruption challenges are persistent and pervasive and will require sustained redress for the foreseeable future. Though it is yet undetermined what new mechanisms and measures may be deployed in the Kingdom in future, it is likely that subsequent steps taken to quash illicit practices will have considerable consequences for domestic and foreign investors alike. This will require that foreign investors understand the legal framework and secure their interests against inevitable shifts in the Saudi market as reform measures revolutionise the domestic business culture.</p>\r\nOverall, however, Saudi Arabia’s recent multifaceted approach to reform has created the perfect storm for investors and, with an impending multitude of investment projects, businesses have a prime opportunity to invest at the leading edge of FDI, assured that corrupt practices are not operating with impunity.'),
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