{"id":88140,"date":"2024-07-25T00:00:00","date_gmt":"2024-07-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/25\/new-laws-on-consumer-protection-and-commercial-transactions-are-in-the-works\/"},"modified":"2024-07-25T00:00:00","modified_gmt":"2024-07-25T00:00:00","slug":"new-laws-on-consumer-protection-and-commercial-transactions-are-in-the-works","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/25\/new-laws-on-consumer-protection-and-commercial-transactions-are-in-the-works\/","title":{"rendered":"New laws on consumer protection and commercial transactions are in the works"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s the last Thursday on which we\u2019ll do business in July. We hope the month has been kind to you \u2014 and that you\u2019ve planned a little bit of time off for next month before fall starts with a roar. <\/p>\n

We have a real-estate heavy issue for you this morning<\/strong>, plus news that new laws are in the works on commercial registers, trade names, consumer protection, and commercial transactions. But perhaps the most interesting story in business right now is Wall Street\u2019s sudden realization that traders may have overhyped the commercial viability of AI<\/strong> (or at least how quickly the massive investment in the technology might start paying off).<\/p>\n

Remember:<\/strong> Humans have a remarkable ability to overestimate how much a new technology will drive change in the short term \u2014 and to underestimate that same technology\u2019s long-term impact. <\/p>\n

^^ We have all of this and more below. <\/p>\n

BUT FIRST- Turkey\u2019s central bank has returned a USD 5 bn Saudi deposit<\/strong> as it looks to lower its foreign liabilities, it said in a statement (pdf)<\/a>. It returned the deposit fro the Saudi Fund for Development \u201cby mutual agreement,\u201d according to the statement. Analysts told Bloomberg<\/a> that the move signaled a \u201csign of confidence\u201d on the part of the Turkish central bank. \u201cTurkey is moving to a much better underlying position with net reserves now positive,\u201d Tim Ash, an emerging markets strategist at RBC BlueBay Asset Management, said. The news also got ink from the Financial Times<\/a>. Saudi made the deposit in 2023 to help Turkey shore up its reserves.<\/p>\n

<\/a> AND- The Foreign Ministry welcomed an agreement between the Yemeni government and <\/strong>Houthis that will resolve tensions over control of key economic infrastructure<\/strong>, saying it supports efforts for peace and security in the neighboring country, according to a statement<\/a>. The agreement, brokered by Riyadh, brings an end to a fight for control between the two sides over the country\u2019s banks and national airline Yemenia. The statement offered no detail <\/strong>about how the struggle had been resolved.<\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- <\/strong>Commerce Ministry has four new laws in the works:<\/strong> The Cabinet\u2019s Bureau of Experts is currently reviewing four draft laws submitted by the Commerce Ministry that would impact consumer protection, commercial transactions, commercial registers, and trade names, Deputy Commerce Minister for Policy and Regulatory Affairs Maher Al Saeed was quoted as saying by local media (here<\/a> and here<\/a>).<\/p>\n

Details a so-far scant<\/strong>, but here\u2019s the rundown of what to expect:<\/p>\n