FA and SCCA sign an MOU to Enhance Disputing Settlements Alternatives in Financial Sector

Published Date: 13/05/2020

In an effort to enhance cooperation and coordination regarding institutional alternatives to settling commercial disputes such as arbitration and mediation in the financial sectors, and developing professional cadres in settling disputes for the financial sector, the Saudi Center for Commercial Arbitration signed a memorandum of understanding with the Financial Academy, where the memorandum was signed by His Excellency the Director General of the Academy Finance, Mr. Mana AlKhamsan, and Dr. Hamed Merah the CEO of the Saudi Center for Commercial Arbitration.

The Memorandum of Understanding aims to develop strategic cooperation between the two organizations in the areas of training, awareness and raising the capabilities related to alternatives to settling disputes in relation to the financial sector, whether it comes to developing the skills of arbitrators, mediators and experts, or to raise the capabilities of financial experts and advisors in relation to drafting conditions for disputing settlements or pleading before arbitral institutions and arbitration and mediation cases’ management, as well as providing facilities related to this context. In addition to exchanging expertise and experience through holding workshops, training programs and periodic meetings between the two parties and seeking to raise the level of knowledge awareness and developing capabilities related to alternatives to settling disputes for the joint target groups between the two parties.

On this occasion, Mana AlKhamsan stated that we seek to achieve the vision of the Financial Academy through developing and growing human cadres such as, financial practitioners in the aspects of disputing settlements alternatives, to supporting and strengthening the institutional arbitration and mediation industry related to the financial sectors in the Kingdom of Saudi Arabia.

On his part, Dr. Hamed Merah stressed that the center will work to use its professional knowledge, practical experiences and international partnerships in providing the necessary support to reach this agreement to its desired goals, and to be a partner of the Financial Academy in developing national capabilities in the financial sector in skills related to disputing settlement alternatives in arbitration and mediation, which will reflect in enhancing the efficiency of the sector in general.