疫情后时代，中国重新启动外交新格局，沙特阿拉伯开始扮演愈发重要的角色，成为中国企业海外投资目的地的新选择。法律专家提醒：投资沙特机遇虽多，也要提前做好风险布局。
中东，指从地中海东部南部到波斯湾沿岸部分地区，其中以阿联酋、阿曼、巴林、卡塔尔、科威特、沙特阿拉伯（“沙特”）组成的“海湾六国”最具投资合作潜力。调研机构Investment Monitor的最新报告显示，过去三年，中东地区持续吸引外资流入，2022年外商直接投资增幅达13.6%。
在此背景下，中东地区也成为了中国企业出海的热土，不少中国能源、基建、互联网企业纷纷赶赴中东展开布局。根据普华永道2022年发布的一份报告，实际上，中东地区作为“一带一路”重要的合作区域，中国企业与当地合作经历了不断走深走实，在普华永道调研的118家中国企业中，近一半企业在中东展开经营已超过10年时间。
其中，沙特作为中东地区经济规模最大的国家，凭借其独特的优势，逐步从过度依赖石油经济向放松市场管制、吸引外部投资转变，成为了和阿联酋比肩的两大投资目的国。沙特当地的中国投资机构易达资本数据显示，去年其接待了超过500家中国来访企业和机构，今年中国与沙特的合作关系更是上升到新高度。
中伦文德胡百全（前海）联营律师事务所主任林威律师也有着同样的观察，他告诉ALB：“沙特作为中东地区的重要经济体，2022年，GDP以美元计共达11081.49亿美元。此外，沙特有着丰富的油气和其他自然资源，以及广阔的市场和潜力，因此近年来中国企业和个人对沙特的投资热情持续高涨。”
此外，去年12月中沙两国元首峰会正式举办，两国领导人共同签署首份《中华人民共和国和沙特阿拉伯王国全面战略伙伴关系协议》。而随着中国“一带一路”倡议与沙特“2030愿景”战略对接日益加强，两国在经贸、产能、金融、基础设施建设等领域的合作水平也获得了空前提高。
林威律师介绍道，具体来看，中国企业和个人在沙特的投资领域主要包括五个方面。“一是石油和天然气领域，包括石油开采、石油加工和天然气销售等；二是基础设施建设领域，包括公路、桥梁、机场、港口等；三是房地产领域，来自中国的投资在沙特房地产市场占据着越来越重要的位置，包括房地产开发、物业管理等。
“四是科技领域，随着数字化转型的加速，中国企业和个人在沙特的投资也逐渐集中于人工智能、云计算、大数据、物联网等科技领域；五是教育领域，中国企业和个人同样进行了不少的投资，其中包括语言培训、留学教育等。”
“中国企业和个人在沙特的投资领域非常广泛，且近年呈现出逐年增长的趋势。双方均渴望利用对方的优势。对于中企来说，主要是获取能源与基建利润，对于沙特而言，从中方可以获得更多的技术与人才资源。近期可以说是中沙两国合作关系的蜜月期，将来还会有很大的增长潜力。”
—林威，中伦文德胡百全
林律师总结道：“中国企业和个人在沙特的投资领域非常广泛，且近年呈现出逐年增长的趋势。从行业角度看，双方均渴望利用对方的优势。对于中企来说，主要是获取能源与基建利润，对于沙特而言，从中方可以获得更多的技术与人才资源。近期可以说是中沙两国合作关系的蜜月期，将来还会有很大的增长潜力。”
直面法律及社会特殊性
然而，中国企业或个人想要出海沙特也同样面临一定程度的挑战。谈及投资于沙特需要特别注意的法律风险点，林威律师指出投资者应首先了解沙特法律的基本情况与概念。
“沙特的法律制度基于伊斯兰法，伊斯兰法来自古兰经和伊斯兰先知穆罕默德的圣训。沙特皇家法令则是法律的另一个主要来源，但被称为‘法规’而不是‘法律’，表明他们从属于伊斯兰法，该法规在劳工、商业和公司法等领域补充伊斯兰法。”林律师介绍道。
“此外，其他形式的法规包括皇家命令、部长理事会决议、部长决议和部长通告，它们同样从属于伊斯兰法。与此同时，传统的部落法律和习俗在沙特也很重要。伊斯兰法院系统构成了沙特的基本司法体系，并对大多数民事和刑事案件具有一般管辖权。”
具体来说，林律师指出，投资于沙特的法律风险主要存在于合规、政治、社会文化及财务四个方面。
“首先，沙特政府对于外国投资的限制和审查比较多，需要了解和遵守沙特的法律法规，特别是关于外资股权比例限制和国家安全等方面的规定；其次，沙特地区的政治稳定性存在一定的风险，需要投资者关注沙特政治局势的变化和政策的调整，以及政府可能对投资所采取的措施。”
“第三，沙特是一个保守的国家，伊斯兰教文化底蕴深厚，需要尊重当地的社会和文化习惯，避免因为文化差异引发的法律风险；最后，沙特的经济条件较为特殊，价格波动较大，还需要关注全球和沙特经济情况的变化，以及沙特货币里亚尔的汇率波动。”林律师说。
因此，林律师建议，在进行沙特投资之前，投资者需要全面了解当地的法律、文化、社会环境、宗教习俗等，认真评估风险，对投资项目作出可行性评估，并联合本地合作律师采取有效的风险管理措施。
沙特法律体系及社会情况的种种特殊性也对中国律所和律师服务沙特投资需求提出了更高的要求。对此，在林威律师看来，通过与沙特律所和律师展开密切合作，拥有长期良好的沟通关系，并且互相了解彼此的工作习惯，包括一些工作方式差异的原因、对客户需求差异的理解等，方能为客户提供高质量的服务。
“先行者优势”
敞开怀抱的不仅有沙特的商业市场，还包括其法律服务市场。今年初，国际法律市场的一大新闻便是沙特放松管制，颁布新法鼓励外国律所在其境内设立办事处。
就林威律师观察，目前，已有一小部分综合性跨境业务的律所在沙特设立了办公室。高伟绅律师事务所、史密夫斐尔律师事务所、瑞生国际律师事务所便在今年3月成为了首批获得沙特执业许可的国际律师事务所。他进而指出，其实在沙特法律市场敞开怀抱之前，外国律所早期亦有很多是通过与沙特当地的精品所进行长期战略合作展开经营，共同服务彼此的跨境投资客户。
媒体报道指出，沙特希望借助投资热潮，将大型交易机会留存在本地，并增加沙特律师的发展机会。但是设立沙特办公室需要遵循一系列要求，例如代表律所的两位合伙人必须居住在沙特；沙特办事处的律师至少有一半是沙特国民；与沙特法律有关的业务不能转交至其他办事处；收入的30%不能流向沙特之外；营业许可证必须每五年更新一次等。
看好中东法律市场发展前景的不仅仅只有国际律所，据林威律师观察，目前，有一些中国律所已经开始前往中东进行布局，但总体而言，该市场仍然比较有限。
“幸运的是，我们事务所早在2010年就在沙特首都利雅得设立了办公室，并在包括沙特在内的中东地区建立了长期良好的合作网络，为中国企业保驾护航积累了丰富的实战经验。”林律师介绍道。
如中国俗话所说，“纸上得来终觉浅，绝知此事要躬行”，十余年与当地法律界、客户的密切合作已经为中伦文德积累了深厚的“先行者优势”。“我们正在摸索更广泛地与本地事务所紧密合作，扩大提供服务的范围与深度。简而言之，无论是设立分支机构，还是通过战略合作，根本目的都是通过长期良好的本地化沟通及工作习惯，促进互相了解，解决一些工作方式与文化的差异，从而更好地理解客户需求的差异，为他们提供更高质量的服务。”
放眼中东
后疫情时代，全球格局演变，新的区域投资机会不断涌现。在中东地区，尤其今年3月，沙特和伊朗在断交7年后于北京重新展开谈话并着手恢复建交，激活了外界对于中东市场新的想象。伴随中东地区重新调整内部关系，缓和的区域环境也将促使更多新市场爆发活力。
林威律师近期就观察到，不少中国客户开始向他们展开中东其他国家及地区投资的相关咨询。
就林律师收到的反馈来看，其中，针对阿联酋有投资兴趣的国际跨国公司涵盖行业领域较广，集中于批发零售、房地产、金融服务和保险、采矿等；卡塔尔投资则主要专注在石油天然气上游开发和石化项目上；对伊朗而言，投资者的目光主要集中在原油、天然气、汽车、矿产、石化、食品和药品行业。
此外，其他中东北非的国家和地区，如埃及、约旦、伊拉克、科威特、叙利亚、土耳其等，在近期也逐渐受到中国客户欢迎。
“总之，尽管过去三年全球疫情的影响仍有一定的持续，但中东地区广阔市场的潜力和增长前景对中国投资者而言仍将具有很强吸引力。随着中东地区经济逐渐恢复，特别是沙特与伊朗在中国主持下达成的政治和解，均为经济环境的进一步改善创立了良好的政治保障，预计中企的投资热情将在2023年达到一定的历史高度。”林威律师说。
就此，中伦文德胡百全也展开了行动，设立了全新的中东及伊斯兰法律事务部。近期，考虑到迪拜在阿联酋出色的战略位置，以及活跃的自由贸易区，中伦文德胡百全已派出部门负责人李涛对迪拜IFZA自贸区开展了一系列访问，希望能够通过专业合作伙伴与政府机构网络，继续为中国企业出海中东提供个性化的解决方案。
CRACKING THE KINGDOM
China has embarked on new diplomatic outreaches in the post-pandemic era, and the Kingdom of Saudi Arabia is beginning to play an increasingly important role, becoming a new destination of choice for Chinese companies keen to invest overseas. Legal experts, however, caution that despite the abundant opportunities there, prospective investors must prepare early for risks.
The Middle East stretches from the southern and eastern parts of the Mediterranean to the coast of the Persian Gulf, among which the Gulf Cooperation Council (GCC) countries, comprising the United Arab Emirates (UAE), Oman, Bahrain, Qatar, Kuwait, and Saudi Arabia, have the greatest potential for investment cooperation. According to the latest report from Investment Monitor, the region continued to attract foreign capital inflows over the past three years, registering FDI growth of 13.6 per cent in 2022.
Against this backdrop, the Middle East has also become a hot destination for Chinese companies venturing abroad. A 2022 report by PricewaterhouseCoopers states that as the Middle East is an important region for cooperation under the Belt and Road Initiative, Chinese companies have been gradually deepening partnership with companies there, and that nearly half of the 118 Chinese companies covered in the report have been operating in the Middle East for over a decade.
In particular, Saudi Arabia, the largest economy in the Middle East, has now become one of the two major investment destinations there alongside the UAE. eWTP Arabia Capital, a local Chinese investment firm based in Saudi Arabia, welcomed more than 500 visiting Chinese companies and institutions last year, and the cooperation between China and Saudi Arabia is expected to reach new heights this year.
Lin Wei, Managing Partner of P.C. Woo & Zhonglun W.D. LLP, has similar observations. "Saudi Arabia is an important economy in the Middle East, registering GDP of $1.1 trillion billion in 2022. In addition, the country is rich in natural resources, and has a vast market and great potential, which explains the sustained interest of Chinese investors in recent years."
In addition, during the China-Arab Summit last December, leaders of China and Saudi Arabia signed the first Comprehensive Strategic Partnership Agreement between the People's Republic of China and the Kingdom of Saudi Arabia. With China's Belt and Road Initiative and Saudi Arabia's Vision 2030 strategies in increasing alignment, the level of cooperation between the two countries in multiple areas has also been at historical highs.
According to Lin, Chinese investors usually invest in five areas in Saudi Arabia. "The first is oil and natural gas; the second is infrastructure construction; the third is real estate, with Chinese investment playing an important role in the Saudi property market."
"The fourth is science and technology where Chinese investors mainly invest in AI, cloud computing, big data, Internet of Things, etc.; and the fifth is education where Chinese investors have made huge investment in language training, overseas education, etc."
—Lin Wei, P.C. Woo & Zhonglun W.D. LLP
"Chinese investment covers a wide range of fields in Saudi Arabia, and is growing year by year. In terms of industry, both sides are eager to leverage each other's advantages. The main focus of Chinese enterprises is on obtaining energy and infrastructure profits, while that of Saudi Arabia is to access more Chinese technology and human resources. The near future will be the honeymoon period of the partnership between China and Saudi Arabia, and there will be great growth potential going forward," adds Lin.
UNIQUE LEGAL, SOCIAL ISSUES
However, Chinese investors also face challenges when venturing to Saudi Arabia. Speaking of the legal risks that require special attention, Lin says that investors should first learn about the basic information and concepts of Saudi law.
"The Saudi legal system is based on Islamic law which is derived from the Qur'an and the Sunnah of the Islamic prophet Muhammad. Saudi royal decrees are another major source of law, but they are called 'regulation' rather than 'law' to indicate they are subordinate to Shariah law. Such regulations complement Shariah law in areas such as labor, commercial and company law," says Lin.
"Other forms of regulations include Royal Orders, Council of Ministers Resolutions, Ministerial Resolutions and Ministerial Circulars, all of which are subordinate to Shariah law. At the same time, traditional tribal laws and customs are equally important. The Shariah court system constitutes the basic judicial system in Saudi Arabia and has general jurisdiction over most civil and criminal cases."
Specifically, Lin says that the legal risks of investing in Saudi Arabia mainly exist in compliance, politics, social culture and finance.
"First, the Saudi government imposes many restrictions and reviews on foreign investment. So it is necessary to understand and abide by Saudi laws and regulations, especially provisions on foreign shareholding percentages and national security; second, the Saudi region suffers certain risks of political stability, which requires investors to pay attention to changes and policy adjustments in the Saudi political landscape, as well as the measures the government may take in relation to investment."
"Third, Saudi Arabia is a conservative country with a profound Islamic culture. Investors should respect local social and cultural habits to avoid legal risks caused by cultural differences. Finally, Saudi Arabia has special economic conditions, and prices there can fluctuate greatly. Investors therefore must watch changes in the global economy and the Saudi economy, as well as fluctuations in the exchange rate of riyal, the local currency."
Therefore, Lin advises investors to gain a comprehensive understanding of local laws, culture, social environment, religious customs, etc., before investing in Saudi Arabia, carefully assess risks, conduct feasibility studies of investment projects, and work with local lawyers to effectively manage risks.
The various particularities of the Saudi legal system and social conditions also raise higher requirements for Chinese firms and lawyers that serve Saudi investment needs. To Lin, working closely with Saudi firms and lawyers and building long-term, smooth communications to understand each other's work habits ensure that lawyers can provide clients with high-quality services.
FIRST-MOVER ADVANTAGE
Besides its commercial market, Saudi Arabia has also liberalised its legal services market. Earlier this year, Saudi Arabia promulgated a new law to encourage foreign firms to set up shop there.
According to Lin, a small number of full-service cross-border firms have set up a presence in Saudi Arabia. This March, Clifford Chance, Herbert Smith Freehills, and Latham & Watkins became the first batch of international firms licensed to practice in Saudi Arabia. He also says that before the market liberalisation, many foreign firms also operated through long-term strategic cooperation with Saudi boutique firms.
According to media reports, Saudi Arabia hopes to take advantage of the investment boom to retain large deals locally and create more opportunities for Saudi lawyers. However, a foreign firm must follow a slew of requirements to establish a Saudi office. Examples include that two representative partners must reside in Saudi Arabia; at least half of the lawyers of the Saudi office must be Saudi nationals; business related to Saudi law cannot be transferred to other offices; thirty percent of the revenue obtained by the Saudi office cannot flow outside of Saudi; and the business license must be renewed every five years, etc.
International firms are not the only ones who are eyeing the Middle East. According to Lin, some Chinese firms have begun exploring the Middle East, although the market is still small overall.
"Fortunately, our firm set up an office in Riyadh, the capital of Saudi Arabia, as early as 2010 and has established a long-term and effective network in the Middle East, including Saudi Arabia, accumulating rich hands-on experience in supporting Chinese companies."
Over a decade of close cooperation with the local legal industry and clients has earned P. C. Woo & Zhonglun W.D. LLP significant "first mover advantages". "We are exploring more extensive and closer cooperation with local firms. The fundamental goal is to promote mutual understanding and solve differences in work style and culture to better understand the differences in client needs and provide clients with higher quality services."
BEYOND THE KINGDOM
While Saudi Arabia is the largest economy in the region, Chinese companies are also looking elsewhere in the Middle East, and Lin has observed inquiries from Chinese clients about other countries and regions.
Among the inquiries, multinational companies interested in the UAE cover a wide range of industries, focusing on wholesale and retail, real estate, financial services and insurance, mining, etc.; the interest in Qatar mainly lands on upstream oil and natural gas development and petrochemical projects; and, for Iran, investors are mainly eyeing crude oil, natural gas, automobiles, minerals, petrochemicals, food and pharmaceuticals.
In addition, other MENA countries, such as Egypt, Jordan, Iraq, Kuwait, Syria, Turkey, etc., have also gradually gained the attention of Chinese clients.
"Despite the lingering impact of the pandemic, the potential and prospects of the Middle East remain very attractive to Chinese investors. The gradual recovery of the Middle East economy and, in particular, the political rapprochement between Saudi Arabia and Iran under China’s leadership have created a good political climate for further improvement of the economic environment. The investment enthusiasm of Chinese companies is expected to reach a historical high in 2023."
P. C. Woo & Zhonglun W.D. LLP has accordingly established a new Middle East and Islamic Legal Affairs Department. Considering Dubai's excellent strategic location in the UAE and its active free trade zone, the firm has sent Li Tao, head of the department, for a series of visits to the Dubai IFZA Free Trade Zone, in an effort to continue to provide personalised solutions for Chinese companies venturing to the Middle East through professional partners and the government institutional network.
