Out-Law News | 17 Jul 2014 | 4:05 pm | 1 min. read
The Saudi Center for Commercial Arbitration has been formed by the Council of Saudi Chambers (CSC), in consultation with the kingdom’s justice, commerce and industry ministries and in coordination with the governor of the Saudi Arabian General Investment Authority.
The CSC, which is the official federation for the 28 Saudi chambers of commerce and industry, will act as an umbrella organisation for the centre. The centre will have a board of nine directors who will serve a three-year term and be empowered to exercise arbitration both inside and outside the Saudi Arabia on commercial disputes.
CSC chairman Abdulrahman Al Zamil said the centre would have a positive impact on the Saudi business sector and was the culmination of efforts by the Saudi government to support the kingdom’s legislative and legal environment.
Al Zamil said the centre was now “the official reference for all aspects pertaining to commercial arbitration in the country”.
The centre will represent Saudi Arabia in the field of arbitration locally and worldwide in coordination with the justice ministry.
According to a report in Arab News the centre’s headquarters will be in Riyadh, with the possibility of branches being established in other parts of the kingdom and outside Saudi Arabia.
The CSC said the centre’s formation reflected Saudi Arabia’s “global economic status”. By having its own arbitration centre, the kingdom will “further maximise its benefits in addition to ensuring protection of Saudi companies entering into global trade contracts”, the CSC said.
Saudi Arabia’s council of ministers issued a resolution approving the centre’s establishment in April 2014.