His Excellency the Minister of Commerce and Investment, Dr. Majid bin Abdullah Al Qasabi has conveyed his thanks and appreciations to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, for Approving the Organization of the Saudi Center for Commercial Arbitration.
H.E. Dr. Al-Qasabi explained that this organization develops the institutional arbitration industry in the Kingdom, besides enhancing the confidence of the private sector and investors in the commercial arbitration, which contributes to supporting the commercial environment and attracting local and foreign investments, also this would enhance the governance efforts. The Saudi Center will enjoy independence from the public and private sectors, so it would represent the Kingdom in the field of Commercial Arbitration locally and internationally. This would promote the Kingdom's rank in the "Contract Enforcement" Index, which is one of the key indicators of the World Bank Group.
In accordance with this organization, the Saudi Center for Commercial Arbitration will administer the commercial arbitration procedures, besides disseminating the culture of arbitration, as well as supporting research activities, also issuing the guides for commercial arbitration procedures, in addition to providing training and qualification in arbitration, and preparing a list of arbitrators according to their jurisdiction.
The Saudi Center for Commercial Arbitration is committed to providing transparent and rapid professional services as alternatives for dispute settlement, inspired by the Islamic law, based on the best international standards. This Center would contribute to raising awareness in the field of arbitration; so as to create a safe and attractive environment for domestic and foreign investment.