On 31 October 2023, Federal Law No. 51 of 2023 Promulgating the Financial and Bankruptcy Law (the Bankruptcy Law) was published in the United Arab Emirates (UAE) Official Gazette, repealing the prior federal law on bankruptcy (Federal Law No. 9 of 2016, the Prior Law) and significantly developing the bankruptcy regime in the UAE.
Saudi Arabia recently published a new Bankruptcy Law. This is the latest development of a string of reforms under Vision 2030 to further encourage the participation of foreign and domestic investors by structuring the business legal framework. This article provides a general analysis of the new bankruptcy law and its implications for businesses operating in the Kingdom.