Modern and transparent ADR services are available for investors
The new services are based on the state of the art of ADR industry and Sharia compliant
RIYADH, February 28, 2018 – The Saudi Center for Commercial Arbitration (SCCA) and the Committee for Improving Private Sector Performance (Tayseer) launched on Sunday a reform initiative to promote a safe and attractive environment for foreign investors.
The Saudi Center for Commercial Arbitration provides various Alternative Dispute Resolution in line with widely-accepted standards in the industry and adopting the most recent innovations in the field.
SCCA arbitration and mediation rules are designed for any national or foreign party willing to resolve dispute through the ADR services. These services are provided in English and Arabic to ensure a clear, speedy and efficient dispute resolution procedure.
The SCCA Chief Executive Officer, Abdulla Saad Al-Mughira, stated that the SCCA adopts the best practice standards of leading international arbitration institutions, particularly the International Centre for Dispute Resolution (ICDR), which is the international arm of the American Arbitration Association (AAA).
SCCA personnel have received intensive training in the ICDR-AAA standards. Al-Mughira said that the SCCA roster of arbitrators comprises national and international arbitrators. Moreover SCCA has access to ICDR-AAA roster of arbitrators when needed.
The SCCA, in cooperation with Tayseer, is aiming by this reform initiative to address the challenges facing business leaders and investors alike. Government entities represented in Tayseer and the private sector represented in the Council of Saudi Chambers will work together to provide the best solutions and recommendations, guided by the Kingdom’s Vision 2030 which aims to raise private sector participation to 65 percent of GDP from 40 percent currently.
Background on commercial arbitration in Saudi Arabia
The Kingdom of Saudi Arabia has placed great importance on commercial arbitration by issuing a set of strong arbitration laws and regulations. Saudi Arabia is a party to the most important international arbitration conventions, including the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York 1958) and the Riyadh Arab League Convention on Judicial Cooperation of 1985 that stipulate recognition and implementation of both judicial decisions and arbitral awards between Arab countries.
The first arbitration law was issued in 1983, followed by the new Saudi arbitration law, which is based on the UNCITRAL Arbitration Rules, in 2012. In 2014, the Council of Ministers established SCCA, which administers the institutional arbitration procedures in commercial and civil disputes in which parties agree to settle their disputes by arbitration under the auspices of the SCCA, in accordance with SCCA arbitration rules.
The Saudi Arabian General Investment Authority (SAGIA) late last year launched Tayseer, a dedicated program which aims to stimulate the investment environment for the private sector and to guarantee the preservation of rights.