Standing Committee for Saudi Arbitration Centers
The Standing Committee for Saudi Arbitration Centers is one of the committees under the Federation of Saudi Chambers. It was established in 2021 with the aim of creating a fair and attractive arbitration environment in the Kingdom of Saudi Arabia, promoting and spreading the culture of arbitration according to international standards and criteria, and alleviating the burden on the general judiciary. The committee includes representatives from the Ministry of Justice, the Ministry of Commerce, and the Ministry of Investment, as well as three individuals with legal and regulatory qualifications, and three experts and specialists selected by the Federation of Saudi Chambers. The committee elects its chairman and vice-chairman from among the members chosen by the council.
Mandates of the Standing Committee for Saudi Arbitration Centers
The committee is responsible for approving the issuance of licenses to establish Saudi arbitration centers and their branches according to the rules it sets. It also establishes standards for registering arbitrators in the licensed centers and sets guiding standards for determining the fees and expenses of arbitrators in these centers.
Commencement of the Standing Committee for Saudi Arbitration Centers' operations
The committee issued its first license for a commercial arbitration center at the level of Saudi chambers to Makkah al-Mukarramah Chamber in 2021. This marked the commencement of its operations and activities, in addition to the establishment of four other arbitration centers in al-Ahsa Chamber, the Eastern Province Chamber, the Abha Chamber, and the Taif Chamber.
Related quizzes