Crown Prince Chairs Cabinet's Session 4 Riyadh

Fourth:

The Cabinet approved the following:

First: Forming a standing committee at the Ministry of Justice that shall include a representative from each of the Ministry of Justice, the Ministry of Commerce and Industry, Saudi Arabian General Investment Authority , three persons chosen by the Council of Chambers of Commerce and Industry, three experienced and competent people to be chosen by agreement between the Minister of Justice and Minister of Commerce and Industry. The task of this committee shall be as follows:

1- Approval of the issuance of licenses for the establishment of Saudi arbitration centers and their branches according to the rules laid down by the committee.

2- Development of standards for registering arbitrators authorized by it.

3- Setting guidance standards to determine the arbitrators’ fees and expenses at the centers authorized by it.

The Standing Committee shall issue its decisions by majority and be approved by the Minister of Justice.

Second: Establishment of a center under the name “Saudi Center for Commercial Arbitration” and under the umbrella of the Council of Chambers of Commerce and Industry. It shall be headquartered in the city of Riyadh. It shall oversee the arbitration proceedings in relevant business and civil disputes whose parties agree on their settling in arbitration within the framework of this center as required by the applicable regulations and the established civil and commercial judicial principles. This center’s jurisdiction shall not cover disputes concerning administrative, personal status and criminal cases and where reconciliation is not permissible.

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16:04 LOCAL TIME 13:04 GMT

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