Jeddah-Aqaba sea trade mooted

The proposed Aqaba-Jeddah trade route is shown in red line in this Google map.
Updated 08 May 2016

Jeddah-Aqaba sea trade mooted

TABUK: The head of the Jordanian Association of Businessmen, Hamdi Al-Tabbaa, recently announced a new study to develop a shipping route between Jordan and Saudi Arabia using the ports of Jeddah and Aqaba. The link would be similar to the marine project line between Iskenderun in Turkey and Aqaba in Jordan, and would encourage strong commercial exchange between the two countries. Al-Tabbaa noted that on April 18, the association met the Saudi ambassador to Jordan, who reviewed the relationship between the two countries and which resulted in an agreement to hold a joint forum between Saudi and Jordanian businessmen this year to deepen their economic relations across various sectors.
The forum will explore investment opportunities in the two countries and encourage the establishment of a Saudi-Jordanian Business Council. He said that Jordanian businessmen have already been given visas to ease their movement to and from Saudi Arabia, allowing them to monitor their investments and hold meetings with their partners easily.
Al-Tabbaa said the economic relations between the two kingdoms are developing well, adding that Jordan has become a prime attraction for visiting Saudi businessmen because of the positive position of the local economy. For this reason, the country has become an investment model in the area and has attracted investments from all over the world, including from the Gulf countries and Saudi Arabia.
On the other hand, Saudi Arabia is the biggest investor in Jordan, with investments valued at $10 billion in the fields of tourism, hotels, agriculture, hospitals, financial sector, transport and IT. He added that at the Aqaba Special Economic Zone, Saudi investments made up 80 percent of all foreign investments.
Al Tabbaa said that the number of Saudi individual investors in Jordan are estimated at 600 across various sectors. The trade balance between the two countries is in favor of Saudi Arabia with $2.4 billion in Saudi exports to Jordan, which exported $853 million to Saudi Arabia in 2015, according to Al-Watan.


Saudi Arabia promoting arbitration culture to meet market needs

Saudi Minister of Justice Walid Al-Samaani, Finance Minister Mohammed Al-Jadaan and 37 local and foreign ministers and lecturers, as well as a top-level local and international audience, attended the conference. (SPA)
Updated 29 min 38 sec ago

Saudi Arabia promoting arbitration culture to meet market needs

  • Khayat said that the Kingdom was keen on ensuring diversity by empowering women, and by hiring arbiters from 23 states and from all continents

RIYADH: The second International Conference on Commercial Arbitration began on Monday in Riyadh under the slogan “The development of Arbitration in the Middle East and North Africa … Reality and Aspiration.”
Saudi Minister of Justice Walid Al-Samaani, Finance Minister Mohammed Al-Jadaan and 37 local and foreign ministers and lecturers, as well as a top-level local and international audience, attended the conference.  
Yassin bin Khalid Khayat, chairman of the Saudi Center for Commercial Arbitration (SCCA) board of directors, noted increasing international interest in conflict resolution alternatives, and calls for the adoption of steps to break the monopoly over this sector and secure diversity in it.
Khayat said that the Kingdom was keen on ensuring diversity by empowering women, and by hiring arbiters from 23 states and from all continents. He said: “To ensure the autonomy of the SCCA, members of the board of directors should not be holders of a public office. In addition, the board is the highest authority in the center, while the arbitration council enjoys full autonomy in performing its duties. In addition, a decree was issued to encourage public institutions and state-owned companies to seek arbitration by SCCA.”
Dr. Hamed Meera, SCCA executive director, said that the center had already launched a package of services and products such as emergency arbitrator, expedited arbitration procedures, protocol and arbitration platform. “Today SCCA has launched the service of selection and appointment of arbitrators channeled along four options to meet the needs of large companies that resort to services provided by it,” he said.
Due to rising demand for the center’s training programs, the time was ripe for the establishment of an academy that provided short- and long-term training programs, he said.
Dr. Nabeel A. Al-Mansour, senior vice president and general counsel and secretary of Saudi Aramco, said that the Kingdom was keen to establish an integrated system to activate the role of arbitration in the Kingdom within a competitive and fair and transparent environment.