Corporate Governance in Saudi Arabia

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Introduction
The Kingdom of Saudi Arabia is considered to be one of the most religious and conservative countries in the world, since it holds two of Islam’s most holy cities, Mecca and Medina. Mecca is considered the most holy city for Muslims, as this is the location of the Grand Mosque and the Ka’aba, where Muslims are required to visit and perform at least 1 pilgrimage during their life (but only if they are capable of doing so financially and physically, and if not able due to such reasons they are considered exempt from this requirement).
History
It is necessary to understand the basic setup of Saudi Arabian laws in order to understand how the country and businesses run. Due to its long and historical links to Islam, Saudi Arabia is a country with a legal system completely based on Islamic Law. Islamic Law is referred to as ‘Sharia’ law. Sharia law originated from the Holy Qur’an Book, and is considered to be the “infallible law of God” , and deals with many topics in life including personal, crime, politics, economics, etc.
When specific rules and regulations are not present...

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