Ashraf AboArafe
Riyadh concluded its first International Dispute Settlement Week, which was held from March 3 to 8, organized by the Saudi Center for Commercial Arbitration, and with the support and sponsorship of 45 local and international organizations concerned with the settlement of commercial disputes, with the aim of promoting effective settlement alternatives for commercial and investment disputes.
This global event brought together parties related to the dispute settlement system, including governments, international and local institutions, legal experts, arbitrators and lawyers, creating an ideal platform for exchanging experiences, knowledge and best practices in this vital field.
The Riyadh International Dispute Resolution Week included more than 90 events organized by 105 organizations, while more than 300 speakers spoke at these events, and witnessed the arrival of more than 4.5 thousand people from more than 79 countries, which supports industrial opportunities in the Middle East region, and contributes to facilitating the exchange of Knowledge and experience, and strengthening relationships and cooperation between relevant stakeholders.
During the week’s activities, the Third International Conference of the Saudi Center for Commercial Arbitration and the accompanying exhibition were held, entitled: “Dispute Resolution in a Changing World: New Trends and Opportunities,” which came out of the Center’s role in raising the level of industry and upgrading it locally and regionally, and with the aim of exploring industry opportunities in the larger economy. Middle Eastern, while the conference witnessed the conclusion of a number of agreements and strategic partnerships in the field of law, arbitration and advisory services in the field of dispute settlement, including a cooperation agreement between the Kingdom of Saudi Arabia, represented by the Council of Experts in the Council of Ministers, and the Ministry of Law of the Republic of Singapore.
Cooperation agreements were also signed between the Saudi Center for Commercial Arbitration and other local and international bodies, including the Ministry of Investment, the General Authority of Civil Aviation in Saudi Arabia, the International Center for Settlement of Investment Disputes (ICSID), the Royal British Society of Arbitrators (Ciarb), and the Singapore International Arbitration Center (SIAC).
These agreements reflect the commitment of the Kingdom and the Center to improve the business environment and investment in it, which enhances confidence and transparency in the legal and arbitration environment, increases its attractiveness as an investment destination in the region and the world, and also raises the level of experience and efficiency in the field of arbitration and dispute settlement in the Kingdom.
For his part, the Chairman of the Board of Directors of the Saudi Center for Commercial Arbitration, Dr. Walid bin Sulaiman Abanmi, confirmed that the large turnout witnessed in the activities of the Riyadh International Dispute Resolution Week reflects clear support for the Kingdom’s role as a leading destination in the field of settlement and arbitration, and that the compass of the future is pointing towards the Kingdom, which is witnessing an unprecedented renaissance. Since the launch of Vision 2030.
He said: “This trend requires us to be contributors to creating the future, and to strive to enable the business environment and the flow of investments, not only to the Kingdom and from there to the world, but also to be an influential international player in the industry of arbitration and alternatives to dispute resolution, and we have our distinction and global footprint.”
The events included the final qualifiers for the fifth edition of the International Commercial Arbitration Competition, which was held in partnership with the United Nations Commercial Law Commission (UNCITRAL) and the Commercial Law Development Program at the US State Department (CLDP), where the competition was held in person for the first time in its history, and the number of competitors reached This year, there were 134 teams, all of which included 921 students and academics, from 111 universities in 27 countries.
The diverse and rich activities and large attendance reflect the progress the Kingdom has made in creating alternatives to dispute settlement, and the good international reputation it has now enjoyed, which enhances its international position as a leading destination and a safe headquarters for commercial arbitration.
