The Saudi Center for Commercial Arbitration (SCCA) concluded its first participation in this year's 'China Arbitration Week,' where SCCA held two seminars in Beijing and Shanghai and signed a memorandum of understanding (MoU) with the China International Economic and Trade Arbitration Commission (CIETAC) to enhance international relations with major arbitration centres.
The SCCA's first seminar was in partnership with the Saudi Embassy in China, entitled 'Saudi Arabia: The Safe Haven for International Arbitration.' The second seminar was held in Shanghai in collaboration with the Shanghai International Arbitration Center and was entitled 'Present and Future: The Development of Dispute Resolution in China and Saudi Arabia.
During both seminars, key figures from SCCA and a group of Chinese and international lawyers, experts, and arbitrators discussed the latest developments in commercial arbitration and alternative dispute resolution in the Kingdom. They also highlighted the Saudi judicial system's support for arbitration and its alignment with international best practices.
The CEO of SCCA, Dr. Hamed bin Hasan Merah, emphasized the importance of these seminars in the context of growing trade and investment between Saudi Arabia, China, and the Middle East region, positioning the SCCA as a significant choice for dispute resolution due to its global outlook, alignment with best practices, independence, regional presence, and in-depth understanding of the region.
SCCA Board Member Prof. Georges Affaki noted the clear alignment between Saudi Vision 2030 and China's Belt and Road Initiative, highlighting both countries' political stability and economic strength, which enhance investment partnerships in various sectors.
The Chief of Alternative Dispute Resolution (ADR), Christian Alberti, said that the number of enforcements of arbitral awards in Saudi Arabia is compelling and delivers a clear message in favour of arbitration. SCCA's recent case study revealed a strict and consistent application of the annulment grounds found in Article 50(1) of the Saudi Arbitration Law.
China Arbitration Week is a major annual gathering that brings together the countries of the world. It stands alongside other gatherings organized by major international institutions in the industry, such as London International Disputes Week, Paris Arbitration Week, Dubai Arbitration Week, and, newly on the scene, Riyadh International Disputes Week, the inaugural iteration of which SCCA has announced for March 2024.
Source: Saudi Press Agency