Document background
The Joint Venture Development Agreement is essential for parties seeking to collaborate on development projects in Saudi Arabia while complying with local laws and regulations. This document is particularly relevant in the context of Saudi Vision 2030, which encourages foreign investment and private sector participation in development projects. The agreement structures the relationship between parties (typically including at least one Saudi entity) for undertaking development projects, whether in real estate, infrastructure, or other sectors. It addresses critical aspects such as ownership structures, capital contributions, profit sharing, and development obligations while ensuring compliance with Saudi foreign investment regulations and Sharia principles. The document is crucial for projects requiring combined expertise, resources, and risk-sharing between multiple parties, providing a clear framework for project execution and party relationships.
