13/04/2017
In Asharqia Chamber meeting yesterday.
The
Saudi Arbitration Center executive director described the arbitration environment in the
Kingdom as being developed and will contribute to the creation of a safe and
attractive environment for local and foreign investments in support of the
vision of the Kingdom 2030. He pointed that the Kingdom is the first country in
the Arab world to have an arbitration system that
local regulations are supportive and encouraging arbitration in the of the commercial
and civil disputes settlement
Al
Rashed said in an interview organized by Asharqia Chamber on Wednesday, April
12, 2017, attended by the Chairman of Asharqia
Chamber Abdulrahman bin Saleh Al Atishan and the Chairman of the Chamber Lawyers
Committee Khalid bin Abdul Latif Al Saleh said the Center vision is to be the
preferred regional option for alternatives to settle disputes in 2030. Has
been committed since its official launch in Muharram last month by providing
professional, transparent and rapid services to the alternatives of dispute
settlement, inspired by Islamic law, in accordance with the best international
standards, and contributes to raising awareness in this field, to create a safe
and attractive environment for local and foreign investment
He
pointed that the Center was established by a decision of the Council of
Ministers to manage the arbitration cases in the relevant commercial and civil
disputes, which the parties agree to settle arbitrarily, in addition to
representing the Kingdom in the field of arbitration internationally and locally.
Al
Rashed reviewed some of the advantages achieved by the arbitration environment
as an option for other alternatives, the most prominent of which are the fast dispute
settlement and the flexibility of procedures, the preservation of confidentiality
and privacy. Arbitration is a preferred option for many investors, explaining
that the center titles are "responsibility, neutrality and privacy).
Therefore, the Center prevents the individual contact with the arbitrator, and
review the provisions before the issuance and include formal aspects such as
mathematical and grammatical errors, and ensure the universality of the
provision. The Center is also studying many of the judicial decisions related
to arbitration
He
pointed that the center has several services (arbitration, mediation and
training), which makes it distinctive in
that it is universal and applied in the Kingdom, about the arbitration, the
Center provides this service to the parties through neutral arbitrators,
following procedural rules, The
Center also provides the mediation management services which the parties agreed
to refer to the center through neutral intermediaries who facilitate the
parties to reach a consensual settlement that acquires the force of the
obligation if the parties agree to that. The training services center provides
training courses in the field of alternatives to settle disputes, discussion meetings and
awareness meetings in partnership with lawyers, experts, businessmen and those
interested in this field.
The
Center fees have been approved based on the international and regional fees,
The
Center followed a scientific approach to the preparation of its documents,
starting with the review of international experiences and identifying the best
ones, then studying the local regulations and practices to verify the local
needs, after the documents prepared by the work team at the Saudi Center for
Commercial Arbitration and the International Dispute Settlement Center of the
American Arbitration Association, The
documents are discussed in workshops involving lawyers and experts in preparation
for submitting to the board of directors.
He
expressed the intention of the Center to open branches throughout the Kingdom,
including the Eastern Region, with full conviction of the ability of the Center
to cover the Kingdom fully, as we are continuing with all the arbitration
centers in the world,
The Chairman of Asharqia Chamber Abdulrahman
bin Saleh Al Atishan stressed the importance of institutional arbitration,
which has become an essential tool used by companies and businesses to resolve
their differences, as it is a tool that has many benefits; speed and
confidentiality and simplicity of procedures and the possibility of choosing
the arbitrators with the full consent of the conflicting parties compared to
the normal judiciary.
He
pointed out that in light of the new economic trends in the Kingdom towards
enhancing domestic and foreign investments, there is a need to create an
investment-friendly institutional environment that can bring local and foreign
investors the speed and the lowest cost when resorting to settling their
commercial disputes.
Al
Atishan appreciated the efforts by the Saudi Center for Commercial Arbitration
in its arbitration, mediation or awareness of the importance of resorting to
commercial arbitration to achieve clear and flexible procedures, wishing to
achieve its efforts to be the preferred regional option for the alternatives of
dispute settlement in 2030.
