IslamicFinance.de

Saudi Arabia has led the way in developing pristine new cities devoted to specialized industries through a proposed public/private endeavor. Under development are four Economic Cities, Each of the them has a different private developer. The Saudi Arabian General Investment Authority (SAGIA) is consigned the role of attracting and processing foreign direct investment. The Economic Cities Authority is designed to regulate but not develop the new cities. The projects are intended to bring in modern technology, management skills, corporate governance and new industries so that the Kingdom is no longer dependent on oil and gas.

Jawad I. Ali, Managing Partner of King & Spalding LLP’s Middle East offices, emphasizes the importance of the Dubai International Financial Centre (DIFC) as a financial and capital center for all kinds of operations in the Middle East. Besides, the jurisdiction of the DIFC courts was expanded, now anybody can opt in their contracts to subject them to the DIFC law. The laws itself are modeled after English common law, and the official language of the DIFC courts is English. That’s why it is expected that the DIFC courts will soon become a major center for dispute resolution.