The National Competitiveness Center's Public Consultation Platform, Istitlaa, has put forward 6 projects related to economic and development affairs. In cooperation with 6 government agencies, the NCC invites the general public, government agencies, and the private sector to express their views and feedback on projects prior to their approval.
Key projects presented on the platform include a project titled 'Amendment to Financial Regulations for Cultural Activities,' developed by Ministry of Culture. This project aims to empower initiatives related to participation in cultural and artistic activities, contributing to the achievement of the Saudi Vision 2030 goals. It also seeks to enhance the effectiveness and role of the cultural ecosystem in society. The public can provide feedback on this project through the Istitlaa platform until March 25, 2025.
The Capital Market Authority is seeking public feedback on a new regulatory framework titled 'Draft Regulatory Framework for Close-Out Netting for Capital Market Institutions.' This framework aims to enhance financial stability and legal certainty in the capital market by regulating netting agreements and related financial collateral arrangements. These arrangements involve qualified financial contracts under the authority's supervision, where at least one party is a capital market institution. The framework ensures the enforceability of these agreements both during normal operations and in bankruptcy proceedings. This is in line with the Capital Market Law, the Bankruptcy Law, and specifically, Article 214 of the Bankruptcy Law and Article 79 of its implementing regulation. Public consultation on this project will remain open until March 26, 2025.
The Real Estate General Authority is seeking public feedback on a new project titled 'Procedural Guide for Real Estate Off-Plan Projects.' This initiative aims to increase transparency and efficiency in the real estate sector, benefiting both investors and consumers. The project aims to clarify all the procedural requirements for selling and renting off-plan real estate projects. These requirements, where the Real Estate General Authority is a party, are stipulated in the Off-Plan Sale and Rent of Real Estate Projects Law issued by Royal Decree No. (M/44) dated 10/03/1445 H, and its executive regulations. Public consultation on this project will conclude on April 8, 2025.
The introduction of draft regulations, by-laws, and similar projects through the Istitlaa platform serves as an affirmation of enhanced transparency in the legislative environment. Likewise, Istitlaa fosters a culture of public participation by enabling citizens, government agencies, and the private sector to contribute their insights and feedback on proposed regulations related to the business environment.