Riyadh - Mubasher: It was reported on Sunday that Saudi Arabia is set to begin implementing a new bankruptcy law early next year.

The new law would be part of the Saudi government efforts to attract more foreign investment, as under the current legislation there is no easy way to wind up the activities of indebted companies in the kingdom, Al Arabiya reported

According to the news broadcaster, the Saudi commerce minister, Majid al-Qusaibi said that the bankruptcy law has been passed to the Shura Council and that they expect it to be implemented by the end of the first quarter of 2018.

Back in July, the managing director of the International Monetary Fund (IMF), Christine Lagarde praised the structural economic reforms that are being carried out by Saudi Arabia.

According to a recent report by Oxford Business Group, more than two thirds of Saudi Arabia’s CEOs have expressed a positive sentiment regarding the country’s economy in the upcoming 12-month period.