Politics · Saudi Arabia · 13 hrs ago

Saudi Arabia approves commercial law allowing trade from age 15 with permission

Saudi Arabia approves commercial law allowing trade from age 15 with permission

Saudi Arabia’s Council of Ministers has approved a new Commercial Transactions System to regulate business activity.

It allows people aged 15 and older to trade if they have permission from a guardian, custodian or court.

The system contains 271 articles and replaces three existing systems covering commercial activity, commercial papers and business records.

It sets rules for business contracts, accounting records and fair competition, and lets traders seek court orders and compensation for harmful practices.

The rules also cover commercial sales, supply agreements, agency and mediation, with protections intended to support small and medium-sized businesses.

The system will take effect 180 days after publication in the official gazette.

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What people are saying

Osama bin Ghanem Al-ObaidiCommercial law adviser and professor
The system will lead to strengthening the investment environment and competitiveness of the Saudi economy.
via Asharq Al-Awsat
Majid Al-QasabiMinister of Commerce
The step came as a regulator of commercial contract provisions, including commercial sales, supply sales, mediation and commercial agency.
via Asharq Al-Awsat

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