DAMMAM, 28 January 2007 — A national arbitration center with branches in various regions of the Kingdom will be established in Riyadh shortly, according to a top official in the area of arbitration.
“The national arbitration center is the need of the time particularly after the Kingdom’s accession to the World Trade Organization, which has led to considerable increase in the foreign investments in the Kingdom,” Prince Bandar ibn Salman ibn Muhammad, adviser to Custodian of the Two Holy Mosques King Abdullah and the chairman of the Saudi arbitrators team, said recently in a statement.
All regulations and other matters are in place for setting up of the center.
Prince Bandar will also attend a meeting on the arbitration organized by the Eastern Province Chamber of Commerce and Industry on Jan. 30. Abdul Aziz Al-Ayyaf, secretary general of the EPCCI, told Arab News that “the meeting which will be chaired by Justice Minister Abdullah Al-Ashaikh, will discuss ways and means to settle disputes between businessmen. It will also discuss the role and future of the arbitration in the Kingdom.”
Prince Bandar hoped that the meeting would open up new horizons before the Saudi arbitrators, particularly in the Eastern Province, and bring out Saudi experts in the field capable of competing with international arbitrators. Businessmen, lawyers and registered arbitrators are expected attend the meeting.
Khaled Saleh, president of the Lawyers’ Committee at the chamber, said the meeting would focus mainly on obstacles in the implementation of the arbitrators’ decisions.
