News & insights
Saudi Arabia: Better Arbitration, Faster Pace
December 7, 2012
Effective July 8, 2012, Saudi Arabia implemented a new arbitration law no.156 of 2012, replacing the 1983 law and including 58 articles.
This is a big step forward for Saudi Arabia in integrating the modernized arbitration system in the Gulf region. The purpose of the law is to achieve conflict resolution in the most cost efficient manner. Expert arbitrators are assigned to settle these conflicts through transparency and professionalism.
The above portrays a promising future in the refinement and development of the arbitration process in Saudi Arabia.
In addition to Saudi Arabia, there are two countries in the Gulf region that also have a very strong base in arbitration. These two countries are Qatar and UAE. In Qatar, the International Center for Conciliation and Arbitration (QICCA) is one of the arbitration Centers of the Gulf region that adopts UNCITRAL rules.
In UAE, there is a collaboration between the Dubai International Financial Center (DIFC) and the London Court of International Arbitration (LCIA) also known as DIFC-LCIA Arbitration Center. This Center portrays UAE’s ambition in becoming the Gulf and Middle East’s leading international arbitration center, which would also interest parties on a global level.
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