SCCA and ECZA Collaborate to Provide the ADR Services
Published Date: 01/06/2023
As it continues to build strategic partnerships to further the arbitration industry in Saudi Arabia and throughout the region, the Saudi Center for Commercial Arbitration (SCCA) has concluded a cooperation agreement with the Economic Cities and Special Zones Authority (ECZA).
The agreement serves as a procedural framework for providing Alternative Dispute Resolution (ADR) services in special economic zones in accordance with the international standards and best practices, thus strengthening the zones and making them an attractive environment for local and foreign investment.
The signing of the agreement coincided with the Saudi Special Economic Zones Investment Forum on 30 May 2023, which highlighted the special economic zones and the advantages they provide to investors.
The event was held weeks after Saudi Arabia announced the launch of four special economic zones in Riyadh, Jazan, Ras al-Khair, and King Abdullah Economic City. These zones operate under special legislation and regulations that make them highly competitive economic zones that attract quality investments.
The agreement establishes a channel for SCCA and ECZA to cooperate along strategic and operational lines, provide ADR services in the special economic zones, and identify how the two parties will cooperate in this regard.
Under the agreement, SCCA will establish an office in the King Abdullah Economic City headquarters immediately after the special economic zones become operational, in order to provide institutional arbitration services and other ADR services. Additional offices could be established in other zones as needed.
The two organizations will also cooperate in designing a procedural mechanism for providing arbitration and other ADR services to investors in the special economic zones. A list of arbitrators with expertise in special economic zones will be created to enable parties to cases to choose the best arbitrators.
Other areas of cooperation include raising awareness among investors, venture capitalists, and project owners about the remarkable progress of the Saudi arbitration industry. This will be done through several means, including introductory meetings, educational materials, and answering questions the ECZA receives about ways to resolve commercial disputes.
This agreement is one of many SCCA has concluded with the relevant authorities in Saudi Arabia and around the world with the aim of promoting arbitration and mediation practices and providing businesses with the latest ADR services. These efforts are helping to facilitate business and transform Saudi Arabia into a global investment destination.