DAMMAM, 1 February 2007 — Some 20 articles in present regulations governing judicial procedures are being reviewed by special committees in the Justice Ministry amid the formation of arbitration centers across the Kingdom, Justice Minister Abdullah Al-Asheikh said on Tuesday.
The establishment of the centers is aimed at facilitating and making more accessible legal arbitration processes.
In his keynote address at the Third Arbitration Forum organized by the Eastern Province Chamber of Commerce and Industry (EPCCI), Al-Asheikh said the Justice Ministry is striving to strengthen and develop the field of arbitration so that it would be a support and corollary to the judiciary. The minister expressed his willingness to adopt any recommendations of the forum.
Prince Bandar ibn Salman ibn Muhammad, adviser to Custodian of the Two Holy Mosques King Abdullah, said legal arbitration is supported by Shariah but should be in line with Islamic law and that its role is complementary to the judiciary and not a rival or contender to it.
“Everyone knows the importance of arbitration in current times, as the country has become an active participant in the present-day world. Since the Kingdom’s opening up to the world, arbitration has become a pressing need,” the prince said.
A new arbitration center will be opened in the Saudi capital with branches in other regions, he added. He said the forum coincided with the first meeting of the consultative committee of arbitrators. Some 400 arbitration experts from different regions attended the forum.
Abdul Rahman Al-Rashid, chairman of the EPCCI and president of the Council of Saudi Chambers of Commerce, said arbitration was a major factor in any society striving to build a strong national economy with domestic and international financing. He pointed out that the forum is being organized at a time when the international markets have been showing a tendency to become a single marketplace. He said it is necessary to cope with the requirements of the country’s rapidly growing economy. The Kingdom’s accession to the World Trade Organization has burdened it with several commitments and obligations.
The disagreements and disputes likely to arise because of the increased market competitions will demand internationally-approved arbitrations in the coming years, he pointed out. He stressed the importance of intense cooperation between the chambers and the Ministry of Justice in the light of emerging world economic situation.