Introduction
Now that schools have reopened in their full in-person normalcy and businesses regained a more confident post-Summer stride, Saudi Arabia stands tall as one of the fastest growing and promising markets in an otherwise clouded global macroeconomy, burdened by post-covid social and viral but other natural disasters including Hurricane Ian now afflicting the American South.
Rays of sunlight from the Saudi reform agenda include impressive growth in sovereign wealth driven by strong oil revenues, a new and more business friendly Companies Law, resolution of covid-related Riyadh Metro delays and steady progress on NEOM, Diriyah Gate, King Salman Park, the Red Sea resort, Roshn public housing and urban redevelopment and other gigaprojects.
Among many small but meaningful reforms, the Kingdom has joined 122 other countries in adopting and implementing the Convention Abolishing the Requirement of Legalization for Foreign Public Documents; effective December 7, replacing the slow, costly and annoying legalization and consularization of powers of attorney, corporate resolutions and other documents through consularization at Saudi Embassies and Consulates with a simple Apostille certificate. This will greatly accelerate and facilitate registration of companies, opening of bank accounts, appointment of local attorneys and other business, regulatory and legal operations.
Contracting parties will from this date accept Saudi apostilles, while Saudi authorities will accept apostilles for foreign documents issued by 122 fellow member states, including Bahrain, Morocco, Oman and Tunisia.
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