{"id":1729,"date":"2019-06-15T08:01:10","date_gmt":"2019-06-15T08:01:10","guid":{"rendered":"http:\/\/www.ukm.my\/jcil\/?page_id=1729"},"modified":"2019-06-15T10:30:05","modified_gmt":"2019-06-15T10:30:05","slug":"2019-4-1-article-1-1","status":"publish","type":"page","link":"https:\/\/www.ukm.my\/jcil\/2019-4-1-article-1-1\/","title":{"rendered":"JCIL 2019 4(1) Article 1"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; _builder_version=&#8221;3.22.3&#8243; background_color=&#8221;#0c71c3&#8243; custom_padding=&#8221;0px|0px|0px|0px&#8221;][et_pb_fullwidth_header title=&#8221;Journal of Contemporary Islamic Law&#8221; subhead=&#8221;No eISSN: 0127-788X&#8221; title_font_color=&#8221;#ffffff&#8221; subhead_font_color=&#8221;#ffffff&#8221; _builder_version=&#8221;3.19&#8243; title_font=&#8221;|on|||&#8221; title_text_color=&#8221;#ffffff&#8221; title_font_size=&#8221;40px&#8221; content_font_size=&#8221;10px&#8221; subhead_text_color=&#8221;#ffffff&#8221; subhead_font_size=&#8221;20px&#8221; background_color=&#8221;#0c71c3&#8243; parallax=&#8221;on&#8221; parallax_method=&#8221;on&#8221; custom_margin=&#8221;-30px||-30px&#8221; button_one_letter_spacing_hover=&#8221;0&#8243; button_two_letter_spacing_hover=&#8221;0&#8243; saved_tabs=&#8221;all&#8221; button_one_text_size__hover_enabled=&#8221;off&#8221; button_two_text_size__hover_enabled=&#8221;off&#8221; button_one_text_color__hover_enabled=&#8221;off&#8221; button_two_text_color__hover_enabled=&#8221;off&#8221; button_one_border_width__hover_enabled=&#8221;off&#8221; button_two_border_width__hover_enabled=&#8221;off&#8221; button_one_border_color__hover_enabled=&#8221;off&#8221; button_two_border_color__hover_enabled=&#8221;off&#8221; button_one_border_radius__hover_enabled=&#8221;off&#8221; button_two_border_radius__hover_enabled=&#8221;off&#8221; button_one_letter_spacing__hover_enabled=&#8221;on&#8221; button_one_letter_spacing__hover=&#8221;0&#8243; button_two_letter_spacing__hover_enabled=&#8221;on&#8221; button_two_letter_spacing__hover=&#8221;0&#8243; button_one_bg_color__hover_enabled=&#8221;off&#8221; button_two_bg_color__hover_enabled=&#8221;off&#8221;][\/et_pb_fullwidth_header][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; specialty=&#8221;on&#8221; _builder_version=&#8221;3.22.3&#8243;][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.0.47&#8243; parallax__hover=&#8221;off&#8221; parallax_method__hover=&#8221;on&#8221;][et_pb_blurb title=&#8221;2019 4(1)&#8221; url=&#8221;https:\/\/www.ukm.my\/jcil\/jcil-2017-2-2\/&#8221; use_icon=&#8221;on&#8221; font_icon=&#8221;%%40%%&#8221; icon_color=&#8221;#0c71c3&#8243; use_circle=&#8221;on&#8221; circle_color=&#8221;#ffffff&#8221; use_circle_border=&#8221;on&#8221; circle_border_color=&#8221;#0c71c3&#8243; icon_placement=&#8221;left&#8221; _builder_version=&#8221;3.24.1&#8243; header_text_color=&#8221;#0c71c3&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; text_orientation=&#8221;center&#8221; max_width_tablet=&#8221;50px&#8221;]<\/p>\n<p>15 JUNE 2019<\/p>\n<p>[\/et_pb_blurb][et_pb_image src=&#8221;https:\/\/www.ukm.my\/jcil\/wp-content\/uploads\/2019\/06\/Cover-JCIL-2019-41.png&#8221; align_tablet=&#8221;center&#8221; align_last_edited=&#8221;on|desktop&#8221; _builder_version=&#8221;3.24.1&#8243; animation_style=&#8221;slide&#8221; animation_direction=&#8221;left&#8221; animation_duration=&#8221;500ms&#8221; animation_intensity_slide=&#8221;10%&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; specialty_columns=&#8221;2&#8243; _builder_version=&#8221;3.0.47&#8243; parallax__hover=&#8221;off&#8221; parallax_method__hover=&#8221;on&#8221;][et_pb_row_inner admin_label=&#8221;Row&#8221; _builder_version=&#8221;3.19&#8243;][et_pb_column_inner type=&#8221;4_4&#8243; saved_specialty_column_type=&#8221;2_3&#8243; _builder_version=&#8221;3.0.47&#8243; parallax__hover=&#8221;off&#8221; parallax_method__hover=&#8221;on&#8221;][et_pb_text admin_label=&#8221;Tajuk&#8221; _builder_version=&#8221;3.24.1&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; module_alignment=&#8221;left&#8221;]<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>The Latest Amendments in the Foreign Investment Law in Saudi Arabia<\/strong><\/span><\/h3>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Penulis&#8221; _builder_version=&#8221;3.19&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; module_alignment=&#8221;left&#8221;]<\/p>\n<p><strong>Sarah Alshahrani, <\/strong><span style=\"color: #4f4f4f;\"><em><a href=\"mailto:nikrahim@ukm.edu.my,\" style=\"color: #4f4f4f;\">m112s2aa@leeds.ac.uk<\/a><\/em><\/span><em><br \/> <\/em>University of Leeds, United Kingdom.<em>\u00a0<\/em><br \/><span>Received: 03 October 2018 | Accepted: 21 March 2019 | Published: 15 June 2019<\/span><\/p>\n<p>[\/et_pb_text][et_pb_text admin_label=&#8221;Volume &#038; PDF&#8221; _builder_version=&#8221;3.19.3&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; module_alignment=&#8221;left&#8221;]<\/p>\n<p><span>2019, Vol. 4(1), pp. 1-7. \u00a0| \u00a0<\/span><a href=\"https:\/\/www.ukm.my\/jcil\/wp-content\/uploads\/2019\/06\/JCIL-2019-41-Article-1.pdf\">PDF<br \/><\/a><\/p>\n<p>[\/et_pb_text][et_pb_tabs admin_label=&#8221;Abstract &#038; References&#8221; _builder_version=&#8221;3.19&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_tab title=&#8221;ABSTRAK&#8221; _builder_version=&#8221;3.7&#8243; body_font=&#8221;||||&#8221; body_line_height=&#8221;2em&#8221; tab_font=&#8221;||||&#8221; tab_line_height=&#8221;2em&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; body_line_height_tablet=&#8221;2em&#8221; body_line_height_phone=&#8221;2em&#8221; tab_line_height_tablet=&#8221;2em&#8221; tab_line_height_phone=&#8221;2em&#8221;][\/et_pb_tab][et_pb_tab title=&#8221;ABSTRACT&#8221; _builder_version=&#8221;3.7&#8243; body_font=&#8221;||||&#8221; body_line_height=&#8221;2em&#8221; tab_font=&#8221;||||&#8221; tab_line_height=&#8221;2em&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; body_line_height_tablet=&#8221;2em&#8221; body_line_height_phone=&#8221;2em&#8221; tab_line_height_tablet=&#8221;2em&#8221; tab_line_height_phone=&#8221;2em&#8221;]<\/p>\n<p style=\"text-align: justify;\">The recent reforms in the foreign investment law in the Kingdom of Saudi Arabia (KSA), as well as the recent drop in foreign direct investment (FDI) into the country, were the main motivation for conducting this research. Although KSA is one of the leading countries known to have attracted FDI, such a drop should be considered seriously. The main objective of the study, therefore, is to conduct a critical analysis of the foreign investment law in KSA. This analysis highlights how the Implementation Regulation (IR 2014) of the FIA has attempted to overcome some shortcomings by introducing a new provision requiring post-investment monitoring. However, the IR does not overcome all the weaknesses of its previous version. For instance, although it brings important new changes to the investment climate, such as speeding up the procedure for granting an investment licence, in practice there are still delays and a long process.<\/p>\n<p style=\"text-align: justify;\"><em>Keywords: Saudi Arabia, foreign investment law, post-investment monitoring, legal reform, Saudi Arabian law<\/em><\/p>\n<p>[\/et_pb_tab][et_pb_tab title=&#8221;REFERENCES&#8221; _builder_version=&#8221;3.7&#8243; body_font=&#8221;||||&#8221; body_line_height=&#8221;2em&#8221; tab_font=&#8221;||||&#8221; tab_line_height=&#8221;2em&#8221; body_line_height_tablet=&#8221;2em&#8221; body_line_height_phone=&#8221;2em&#8221; tab_line_height_tablet=&#8221;2em&#8221; tab_line_height_phone=&#8221;2em&#8221;]<\/p>\n<p style=\"text-align: justify;\">Ackerman, F., Kozul-Wright, R. and Vos, R. 2012. <em>Climate Protection and Development<\/em>. New York: United Nations.<\/p>\n<p style=\"text-align: justify;\">Al Arabiya. 2012. Half of the foreign companies circumvent the Saudis. http:\/\/www.alarabiya.net\/articles\/2012\/01\/30\/191424.html [30 Jan 2019].<\/p>\n<p style=\"text-align: justify;\">Al-Sharq. 2012. The Disappointed Foreign Investment Experience in Saudi Arabia. <span><a href=\"http:\/\/www.alsharq.net.sa\/2012\/05\/23\/301076\">http:\/\/www.alsharq.net.sa\/2012\/05\/23\/301076<\/a><\/span> [23 May 2012].<\/p>\n<p style=\"text-align: justify;\">Alriyadh Trading Magazine. 2014. Issue 624. <span><a href=\"http:\/\/www.alriyadhtrading.com\/show_content.php?CUV=83&amp;Model=M&amp;SubModel=105\">http:\/\/www.alriyadhtrading.com\/show_content.php?CUV=83&amp;Model=M&amp;SubModel=105<\/a> <\/span>[8 Feb\u00a0 2019].<\/p>\n<p style=\"text-align: justify;\">Blalock, G. and Gertler, P. 2008. Welfare gains from foreign direct investment through technology transfer to local suppliers. <em>Journal of International Economics<\/em>. 74(2): 402-421.<\/p>\n<p style=\"text-align: justify;\">Blomstr\u00f6m, M. and Kokko, A. 1998. Multinational Corporations and Spillovers. <em>Journal of Economic Surveys<\/em>. 12(3): 247-277.<\/p>\n<p style=\"text-align: justify;\">Correa, C.M. and Kumar, N. 2003. <em>Protecting Foreign Investment: Implications of a WTO Regime and Policy Options. <\/em>New York: Academic Foundation.<\/p>\n<p style=\"text-align: justify;\">DeFeo, M. and Hegazy, W. n.d. Legal Issues Associated with Foreign Investment in Saudi Arabia. http:\/\/www.crowell.com\/Locations\/Riyadh\/news\/Legal-Issues-Associated-with-Foreign-Investment-in-Saudi-Arabia-Crowell-Moring-Report [21 May 2019].<\/p>\n<p style=\"text-align: justify;\">Djankov, S. and Hoekman, B. 2000. Foreign Investment and Productivity Growth in Czech Enterprises. <em>World Bank Economic Review. <\/em>14(1): <em>\u00a0<\/em>49-64.<\/p>\n<p style=\"text-align: justify;\">Dubai Chamber. 2008. Trade and Investment Opportunities for the UAE in Saudi Arabia. <span><a href=\"http:\/\/www.dubaichamber.com\/en\/resources\/research-reports\/research-archive\/miscellaneous\">http:\/\/www.dubaichamber.com\/en\/resources\/research-reports\/research-archive\/miscellaneous<\/a> <\/span>[23 Jan 2019].\u00a0<\/p>\n<p style=\"text-align: justify;\">Dutta, S &amp; and Mia, I. (eds.) 2011. The Global Information Technology Report 2010\u20132011. World Economic Forum. <span><a href=\"http:\/\/reports.weforum.org\/global-information-technology-2011\/\">http:\/\/reports.weforum.org\/global-information-technology-2011\/<\/a><\/span> [17 Feb 2019].<\/p>\n<p style=\"text-align: justify;\">Ernst &amp; Young. 2012. Middle East Attractiveness Survey. http:\/\/www.ey.com\/UK\/en\/SearchResults?query=2012+Middle+East+Attractiveness+Survey+-+Ernst+%26+Young&amp;search_options=country_name [11 Feb 2019].<\/p>\n<p style=\"text-align: justify;\">FIA 2000: Foreign Investment Act , Royal Decree No M\/1 dated 5\/1\/1421H\u00a0 (10 April 2000).<\/p>\n<p style=\"text-align: justify;\">Foreign Investment Act. Royal Decree No M\/15 Muharram 1421 \/ 10 April 2000.<\/p>\n<p style=\"text-align: justify;\"><span>Heritag<\/span>e Foundation. 2019. Index of Economic Freedom. <span><a href=\"http:\/\/www.heritage.org\/index\/visualize?countries=saudiarabia&amp;type=9\">http:\/\/www.heritage.org\/index\/visualize?countries=saudiarabia&amp;type=9<\/a> <\/span>[11 Feb 2019].<\/p>\n<p style=\"text-align: justify;\">ICAEW (2014) Economic Insight: Middle East Q1 2014. http:\/\/www.icaew.com\/en\/middle-east\/economic-insight [8 Jan 2019].<\/p>\n<p style=\"text-align: justify;\">IR 2002: Executive Rules of the Foreign Investment Act, No. 1\/20 dated 13\/4\/1423H (24 June 2002).<\/p>\n<p style=\"text-align: justify;\">IR 2014: Implementation Regulation of the Foreign Investment Act 2000, No 2\/74 dated 12\/5\/1435H (28 March 2014).<\/p>\n<p style=\"text-align: justify;\">Javorcik, B. 2004. Does foreign direct investment increase the productivity of domestic firms? In search of spillovers through backward linkages. \u00a0<em>American Economic Review<\/em>. 94(3): 605-627.<span>\u200f<\/span><\/p>\n<p style=\"text-align: justify;\">Rodrik, D. 1999. <em>The New Global Economy and Developing Countries: Making Openness Work<\/em>. Washington. DC: Overseas Development Council.<\/p>\n<p style=\"text-align: justify;\">Konings, J. 2001. The Effects of Foreign Direct Investment on Domestic Firms. <em>Economics of <\/em>Transition. 9(3): 619-633.<\/p>\n<p style=\"text-align: justify;\">Hafeez, M. 2013. An Analysis of Corporate Governance in Islamic and Western Perspectives. <em>International Journal of Business, Economics and Law.<\/em> 2(3): 98- 103.<\/p>\n<p style=\"text-align: justify;\">Saudi e-Government National Portal. 2019. Facts about the Kingdom. www.saudi.gov.sa [17 Feb 2019].<\/p>\n<p style=\"text-align: justify;\">Thomson Reuters. 2019. World Bank Guidelines on the Treatment of Foreign Direct Investment. http:\/\/uk.practicallaw.com\/1-383-1320 [21 Feb 2019].<\/p>\n<p style=\"text-align: justify;\">UNCTAD. 2014. <em>World Investment Report 2014<\/em>. New York: United Nations.<\/p>\n<p style=\"text-align: justify;\">UNCTAD. 2019. <em>World Investment Report 2012<\/em>.<\/p>\n<p style=\"text-align: justify;\">http:\/\/unctad.org\/en\/Pages\/DIAE\/World%20Investment%20Report\/WIR2012_WebFlyer.aspx [8 Jan 2019].<\/p>\n<p>[\/et_pb_tab][\/et_pb_tabs][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>15 JUNE 2019The Latest Amendments in the Foreign Investment Law in Saudi ArabiaSarah Alshahrani, m112s2aa@leeds.ac.uk University of Leeds, United Kingdom.\u00a0Received: 03 October 2018 | Accepted: 21 March 2019 | Published: 15 June 20192019, Vol. 4(1), pp. 1-7. \u00a0| \u00a0PDFThe recent reforms in the foreign investment law in the Kingdom of Saudi Arabia (KSA), as well [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-1729","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/1729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/comments?post=1729"}],"version-history":[{"count":4,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/1729\/revisions"}],"predecessor-version":[{"id":1765,"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/pages\/1729\/revisions\/1765"}],"wp:attachment":[{"href":"https:\/\/www.ukm.my\/jcil\/wp-json\/wp\/v2\/media?parent=1729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}