The National Competitiveness Center’s Public Consultation Platform, Istitlaa, has put forward 27 projects related to economic and development affairs. In cooperation with 15 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 ‘Endowment Governance Principles’ developed by the General Authority for Awqaf. The project aims to establish governance principles that significantly contribute to achieving the objectives and purpose of the endowment. The public can provide feedback on this project through the Istitlaa platform until April 21, 2025.
The Ministry of Justice is seeking public feedback on a new regulatory framework titled ‘Amendments to the Implementing Regulations of Enforcement Law.’ This project aims to streamline the enforcement judiciary, promote preventive justice, and expedite contract enforcement, thereby enhancing the Kingdom’s competitiveness and business environment. It seeks to deliver swift and effective justice while safeguarding the defendant’s rights and societal interests. The project also incorporates modern financial and non-financial enforcement practices, aligns with the Kingdom’s judicial policy, and drives digital transformation by delegating non-judicial tasks to specialized units. Public consultation on this project will remain open until April 23, 2025.
The Capital Market Authority is seeking public feedback on a new project titled ‘Development of the Categories of Investors in the Parallel Market.’ The project aims to develop the categories of investors permitted to invest in the Saudi Parallel Market (Nomu). Public consultation on this project will conclude on April 28, 2025.
The Capital Market Authority is seeking public feedback on a new regulatory framework titled ‘Amendments of the Rules for Special Purposes Entities, the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority, and Bylaws of Special Purposes Entities (SPEs).’ This project contains amendments to the glossary of terms and definitions for SPEs used in the rules and regulations of the Capital Market Authority, as well as the bylaws of SPEs. This framework strengthens SPEs as vehicles for debt and investment issuance by refining their governance, procedures, and securitization capabilities. Public consultation on this project will remain open until April 29, 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.