Basic Law: Economic Principles

Article 14:

All God-given resources of the country, both under and above ground, or in territorial waters, or within terrestrial and maritime limits to which the State jurisdiction extends, as well as the revenues accruing therefrom shall be owned by the State as specified by the law. Likewise the law shall specify the means to be employed for the utilization, protection and development of these resources in a manner conducive to the promotion of the State's interest, security and economy.

Article 15:

No concessions shall be awarded or permission given for the utilization of the country's natural resources, except as permitted by the law.

Article 16:

Public property is sacrosanct. It shall be protected by the State and preserved by both citizens and foreign residents.

Article 17:

Ownership, capital and labor are the fundamentals of the Kingdom's economic and social life. They are private rights that serve a social function in conformity with Islamic Shari'ah.

Article 18:

The State shall guarantee the freedom and inviolability of private property. Private property shall be not be expropriated unless in the public interest and the confiscatee is fairly compensated.

Article 19:

Collective confiscation of properties shall be prohibited. Confiscation of private properties shall only be effected in accordance with a judicial verdict.

Article 20:

Taxes and fees shall be imposed only on the basis of fairness and when the need arises.

They shall only be imposed, amended, abolished or remitted in accordance with the law.

Article 21:

Zakat (poor-due) shall be levied and dispensed to its legitimate beneficiaries.

Article 22: Economic and social development shall be achieved in accordance with a methodical and equitable plan.

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Profile of Saudi Arabia

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