RIYADH: The inaugural International Conference on Commercial Arbitration began on Monday in Riyadh.
The conference, organized by the Saudi Center for Commercial Arbitration, has gathered six ministers, 47 experts from 15 countries, and a number of decision-makers.
Dr. Hamed Meera, the center’s executive director, said it is in the advanced stages with the Justice Ministry of transferring some commercial mediation cases from commercial courts to the center.
It has entered into a strategic partnership with one of the oldest arbitration centers in the world, the AAA, to prepare the Saudi center’s rules and training of staff, Meera added.
The center provides effective alternatives to settle commercial disputes instead of going straight to court, he said.
“The center is not a competitor to the judiciary courts, but is complementary and aims to reduce the burden on them,” he added.
“The center is one of Vision 2030’s initiatives to facilitate business and attract foreign investment,” he said.
“It provides an effective, efficient and independent dispute-settlement solution, and extensive flexibility and broad options for parties in terms of choice of law, language, selection, nationality, specialization, arbitration sessions and time.”
During his speech at the conference, Justice Minister Walid Al-Samani said arbitration is a means to support the settlement of disputes.
“Commercial arbitration contributes to the speed of completing and settling disputes. We are very optimistic about what has been achieved by the Saudi Center for Commercial Arbitration, and the support for institutional arbitration must be broadened,” he added.
“I am optimistic about the efforts and enthusiasm I have seen. We need more awareness of commercial arbitration, and we look forward to a greater role of chambers of commerce in this direction.”