The Economic Cities Authority (ECA) and the Saudi Center for Commercial Arbitration (SCCA) have signed a memorandum of understanding in support of the institutional arbitration industry in the economic cities and in the Kingdom as a whole.
This agreement serves the Economic Cities Authority’s objectives of developing the economic cities into global centers attracting major investments, and it builds bridges of partnerships and cooperation between the SCCA and bodies concerned with attracting investments to the Kingdom. These relationships will enable the provision of effective alternative dispute resolution (ADR) services that go hand-in-hand with investors’ aspirations.
The signing took place at the authority’s headquarters in the King Abdullah Economic City, where Assistant General Secretary for Authority Affairs Emad bin Mohammed Hashem represented the authority, and Deputy CEO Abdullah Saad Al-Mogheerah represented the SCCA.
Hashem said: “The signing of this MoU is part of the Economic Cities Authority’s efforts to contribute to achieving the goals of the Kingdom’s Vision 2030 and its programs and initiatives via effectively building partnerships among related government bodies, as well as between the state and the private sector.” He noted: “The cooperation with the SCCA will create added value for supporting current investors and attracting major investments to the economic cities.”
SCCA Board of Directors Chairman Yassin bin Khalid Khayat said: “The MoU between the Economic Cities Authority and the SCCA is a realization of the SCCA’s strategic goals regarding deepening relationships with entities connected to enhancing local and foreign investment in the Kingdom. It is a commitment by the SCCA to offer services that contribute to setting up an attractive investment environment in the Kingdom and is also a development for the institutional arbitration industry in the Kingdom.”
SCCA CEO Hamed Merah praised the initiative, “which seeks to create more opportunities for the SCCA — as the Kingdom’s official representative in the field of arbitration locally and internationally — to provide its effective and complete ADR services and to contribute to enabling access for the recipients of its services, even if distance separates them.” He underlined “the prompt efforts exerted by the Economic Cities Authority to overcome difficulties and pave the way to achieving this goal.”
“This step is a practical evidence confirming that the SCCA has the technical and staff readiness to engage in, direct, and provide effective ADR services in accordance with the latest international standards and best practices concerning the intention at this important stage to create free zones in the Kingdom and major projects such as Neom, the Red Sea Project, etc.,” said Merah.
