SCCA Participates in London International Disputes Week

SCCA Participates in London International Disputes Week

Published Date: 28/05/2023

 

The Saudi Center for Commercial Arbitration (SCCA) participated in London International Disputes Week (LIDW) for the first time this year, playing an active part in this large annual gathering of the international arbitration and law community, where many renowned international arbitration centers and law firms have a presence.

 

During LIDW, SCCA held a symposium titled “Arbitration in Saudi Arabia and GCC: Emerging trends” in partnership with the international law firm Clyde & Co. and Queen Mary University of London, and it also participated in several other events.

 

The symposium dealt with the most important developments in the SCCA’s work, in particular the launch of the 2023 edition of its Arbitration Rules. SCCA spent 20 months developing the updated rules in consultation with its Rules Advisory Committee, and they entered into force on 1 May.

 

SCCA CEO Dr. Hamid Bin Hassan Merah and Chief of ADR and General Counsel Chris Alberti spoke at the symposium, along with three leading international experts who are members of the SCCA Court.

 

The speakers highlighted the growing role of institutional arbitration in Saudi Arabia and the Gulf region, the SCCA’s role in supporting this growth through its array of modern services, and the regulatory framework under which it operates, in particular the updated SCCA Arbitration Rules.

 

The symposium also highlighted the integration of the Saudi judiciary and its support for the arbitration industry and ADR in Saudi Arabia, visible most recently in the enforcement of local and foreign arbitration awards. SCCA shared Ministry of Justice statistics on the enforcement of awards from October 2022 to April 2023, a seven-month period during which 244 awards with a total value of SAR 875.6 million were enforced.

 

The statistics revealed that the average number of awards enforced per month increased 29 percent compared to the nine-month period from January to September 2022. This reflects growing confidence in Saudi Arabia as a supportive and friendly environment for commercial arbitration as well as greater demand from sectors, businesses, and investors who increasingly prefer arbitration as an optimal mechanism for resolving commercial disputes.

 

In addition to the symposium, the SCCA delegation participated in several events during LIDW, including a panel discussion held on International Arbitration Day titled “Arbitration in the MENA Region: Transition and Growth,” in which the SCCA’s role as one of the leading arbitration centers in the MENA region was highlighted.

 

The SCCA also hosted a keynote speech at a symposium titled “The Evolving Role of Arbitral Institutions” alongside the seven most prominent arbitration centers in the world. The Director of SCCA Dubai spoke at another symposium about the role that the SCCA’s branch at the Dubai International Financial Centre (DIFC) plays in achieving regional leadership and maximizing demand for its services.

 

The SCCA’s participation in LIDW comes in the context of its efforts to strengthen its ties with the international arbitration community and to familiarize stakeholders with the latest developments at the SCCA, as well as developments in the Saudi judicial environment that are transforming the country into a safe and attractive arbitration venue, supporting business growth, and attracting local and foreign investments.