Saudi Arabia’s first arbitration centre will be a potentially significant development for commercial parties doing business in one of the region’s most important markets, DLA Piper said in a report issued today.
Saudi Center for Commercial Arbitration is to be based in Riyadh. It will supervise domestic and international commercial arbitrations under the auspices of the Council of Saudi Chambers.
“The proposed formation of the SCCA, in addition to the Kingdom’s recent adoption of the new Arbitration Law and Enforcement Law marks another step forward in establishing arbitration as a viable form of alternative dispute resolution in the Kingdom,” DLA Piper said. “This is already the case elsewhere in the region, for example in the United Arab Emirates.”
For more see www.meed.com