The Saudi Center for Commercial Arbitration held an international forum on the reality and developments of the arbitration industry in Saudi Arabia and the region, in collaboration with six of the most important international law firms. This took place during the activities of “Dubai Arbitration Week” in the United Arab Emirates.
The Center for Saudi Arbitration officially represents Saudi Arabia in the field of arbitration at the local and international level. The center also provides alternative dispute resolution services such as arbitration and mediation.
The center aims to create a safe and attractive regulatory environment for foreign and local investment in Saudi Arabia, removing obstacles and difficulties in resolving trade disputes between the parties.
Dr Hamed Mira, head of the Riyadh International Arbitration Center, explained, in an interview with Al Arabiya, that arbitration is an alternative to dispute resolution, and is a consensual aspect based on the choice of parties or in a text within the contract by resorting to arbitration in in the event of a dispute, or by resorting to it after a dispute has arisen.
Stresses that arbitration differs from the judiciary in several respects, the first of which is flexibility, where you can choose the applicable law, time and place in the arbitration sessions take place, as well as the choice of the arbitrator / court, who is an expert in the field to be arbitrated, and it is they who decide the case.
He added that arbitration is characterized by confidentiality and privacy, which is very important for the economic sectors, while the judiciary is proud of its publicity.
He said: “There is an important point, especially in light of foreign investment, which is that the implementation of the arbitration awards has taken place. in Worldwide. There are now 169 member states of the New York Convention at the United Nations, which provides for the recognition and enforcement of foreign arbitration awards without the need for joint judicial cooperation agreements, unlike the implementation of the judicial award, which makes the most effective and most executive arbitration awards in the world “.
As for the length of time to decide cases, he explained that it depends on the nature of the case, the consent of the parties and the level of their interaction, but in media arbitration is more efficient, effective and faster.
He continued: “The center provides an integrated package of services, including ordinary arbitration and cause abbreviated to small and medium-sized enterprises, which is 30% in less in terms of costs and times. There is also an ODR product for disputes of less than 200,000 riyals, in so that the dispute is resolved within one month e in default from the beginning of the case until the issuance of the sentence.We also have a service called emergency arbitrator, where in some cases require an urgent procedural order, and the arbitrator is appointed within 24 hours ”.
The head of the Riyadh International Arbitration Center stated that the team of the Saudi Center for Commercial Arbitration is a team global, from the board of directors to yours team executive, hailing from 11 countries, speaks 9 languages and includes more than 300 arbitrators and courts from more than 19 countries in Worldwide.
He also added that the parts of the cases that have been registered at the center in the past period come from multiple countries.
He stressed that the presence of the center with this vision helps a lot in supporting different sectors of activity, especially in light of the large projects that the Kingdom is incubating and the transfer of the regional headquarters of international companies to Riyadh by 2023.
He said: “Over the past five years, the center has recorded cases from 27 sectors, led by the engineering and procurement sector with 55 percent, but there are also cases from the banking, industrial, agricultural and oil and gas sectors.” .
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