04/07/2012
Dr Fahd Mushabab Aal-Khafir, Vice President of the Arab Union for International Arbitration and Chairman of the Board of Trustees of the Center of Mecca International Conciliation and Arbitration, said that there is high potential for the investments in the establishment of a maritime arbitration center in Saudi Arabia to settle the maritime transactions. The center is expected to attract 90 per cent of the maritime transactions for settlement.
Dr. Aal-Khafir pointed out that Saudi Arabia is an important location to attract this type of investments for setting up an institution to oversees arbitration and the arbitration process management. He said that Europe has established the Maritime Arbitration Center in Paris, the International Organization Arbitration Maritime, Paris, and the Chamber of Lloyd's Arbitration Maritime in London, in order to attract this kind of investments
