Head of the Saudi arbitration team Prince Bandar bin Salman said issuance of the new arbitration system is the fruit of efforts exerted by the parties concerned on the creation of a system that accommodates developments witnessed by the Kingdom in different areas.
The prince, who is also adviser to Custodian of the Two Holy Mosques King Abdullah, was delivering a lecture on the new arbitration system organized by the lawyers committee at the Riyadh Chamber of Commerce and Industry (RCCI) on Tuesday. He said the royal approval of the new arbitration system reaffirmed due concern of the government about different sectors, including arbitration.
The new system came to include a package of benefits designed to activate the option of arbitration in settling disputes, he said.
For his part, member of the lawyers committee Ali Abdulkarim Al-Suwailim briefed the attendees on the principle of arbitration and its importance to iron out disputes.
Arbitration had become one of the supportive instruments to judicial bodies in modern times, not only between individuals and companies in a country but also between parties involved in international trade across borders, he said.
However, the new system did not cover disputes of personal status or disputes that could be settled by amicable means, he said.
According to Al-Suwailim, provisions of the new system did not accept objection by any means unless its verdict runs counter to Islamic Shariah or the general system prevailing in the Kingdom.
RCCI Chairman Abdulrahman Al-Jeraisi said the issuance of the arbitration system reaffirmed the concern of the government about the importance of arbitration.
Head of the lawyers committee Abdulnasir Al-Suhaibani appreciated the role played by Prince Bandar bin Salman in preparing and issuing the new arbitration system.
