Saudi Arabia Is Providing Dynamic Investment-Conducive Landscape, Mainly Driven By Arbitration

In line with its strategy to build professional and constructive commercial relations with various parties concerned in order to enhance its role as a leading commercial arbitration centre, Sharjah International Commercial Arbitration Centre, known as TAKHEM, participated in the Saudi Center for Commercial Arbitration's Second International Conference on Commercial Arbitration (SCCA19) titled: “The Development of Arbitration in the Middle East and North Africa in Reality and Ambition” in Riyadh on October 14-15, 2019.

TAHKEEM was represented by an official delegation that included Ahmed Saleh Alechla, Director of TAHKEEM along with Executive Committee members: Mr. Shaheen Ishaq Al-Mazmi and Mr. Hamad Omar Al-Midfa.

The participation, which  was at the invitation of the Saudi Center for Commercial Arbitration, was part of  TAHKEEM's mission to engage in various activities aimed at strengthening the regional arbitration sector and promoting the essential role played by arbitration in resolving commercial disputes

Mr. Shaheen Al Mazmi, Executive Committee Member, said: “We are delighted to meet our brothers in the Kingdom of Saudi Arabia at this important conference. We look forward to enhancing the prospects of cooperation and joint action in line with the close bilateral relations binding our two countries in various fields. We were happy to review a number of programmes and initiatives aimed at enabling the arbitration sector, in particular, and the business environment and investment in our two countries in general."

Al Mazmi commended the business momentum and dynamic landscape in the Kingdom of Saudi Arabia in accordance with the Saudi Vision 2030, where arbitration has been an active contributor to creating an investment-conducive environment.

For his part, Mr. Ahmed Saleh Alechla, Director of TAHKEEM, said: "TAHKEEM's participation in such important forums strengthen the mechanisms of communication with all stakeholders with a view to discussing the latest developments in terms of arbitration, and exchange views on issues of common interest, not to mention consolidating bilateral relations with various parties in order to accelerate exchange of expertise and knowledge transfer."

On this year's conference, Alechla said that the forum gathered a large number of delegates from different countries, including speakers and specialists with a high level of experience in various aspects of arbitration to have in-depth reviews of diverse technical and specialised topics and issues that were of a great avail to the audience across the conference’s sessions.

“More specifically, the conference addressed several topics with close relevance to international arbitration in the Middle East; the impact of technological developments on the arbitration industry; the significant potential for arbitration in Islamic finance and banking; and calculation of compensation and damages in international arbitration,” he added.

The Sharjah International Commercial Arbitration Centre is one of the leading semi-government institutions operating in the field of arbitration in the UAE. Based in the Emirate of Sharjah, TAHKEEM was established in 2009 under the Emiri Decree No 9 issued by His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.

High-precision, flexibility and professionalism, as well as a cost-effective fee structure,  are among the myriad advantages provided by TAHKEEM. Another advantage only provided by the Centre is its enviable record in issuing awards in a period not exceeding six months from the date of the first arbitration hearing.