New commercial transactions law creates unified legal framework

Abdulrahman bin Mohammed Al-Hussein, spokesperson for the Ministry of Commerce, stated that the commercial transactions law approved by the Council of Ministers establishes a comprehensive legislative framework that, for the first time, consolidates the regulations for commercial sales, supply sales, commercial agency, and mediation into a single document.

Al-Hussein explained that the most notable updates in the law cover three main areas: first, allowing minors aged 15 and above to engage in commercial activities with permission from a guardian, trustee, or the court; second, protecting fair competition among traders and granting affected parties the right to seek court intervention to halt harm and claim compensation; and third, regulating accounting records and their preservation, while exempting certain categories of traders from the obligation to retain them.

He added that the law will come into effect 180 days after its publication in the official gazette, and upon implementation, it will replace three existing regulations: the Commercial Law, the Commercial Papers Law, and the Commercial Books Law.