Saudi Gazette Report

AL-AHSA — Minister of Commerce Majed Al-Qasabi said that the Bankruptcy Law, which was introduced following the directive of Crown Prince and Prime Minister Mohammed Bin Salman, saved Al-Gosaibi family from their ordeal.

Addressing the Al-Ahsa Forum 2023, the minister pointed out that this ancient family, working in the field of commerce, was exposed to crises that reached the courts.

However, after the Crown Prince approved the law, the family was able to make settlements with banks. It is noteworthy that Saudi Bankruptcy Law, which was introduced in 2018, mainly aimed at rescuing insolvent businesses through reorganization and financial restructuring.

In his speech at the forum, Al-Qasabi said that the Consumer Protection Law will be approved within seven or eight months. “This law was presented seeking public opinions and suggestions and then transferred to the Bureau of Experts prior to sending it to the Shoura Council,” he said.

The minister pointed out that the number of commercial registrations in the Kingdom amounted to 1,000,300 records, while the share of the Eastern Province in these records amounted to about 15 percent.

He said that the Kingdom is the only country in the world that can establish a closed joint-stock company electronically.