SAUDI ARABIA Trends and Developments Contributed by: Faisal Daudpota, Daudpota International (in alliance with Khalil Aljehani Law Firm)
Illiquid assets like real estate do not provide the immediate recourse required by the statute. This is a vital lesson for foreign entities: P&I club letters of undertaking (LOUs) are generally not accepted by Saudi courts unless the plaintiff voluntarily agrees to them; the courts default to demanding uncondi - tional bank guarantees from local Saudi banks.
539 CHAMBERS.COM
Powered by FlippingBook