Crown Prince Chairs Cabinet's Session 5 Riyadh

Third: The Center shall have a board of directors to be formed by a decision of the Council of Chambers of Commerce and Industry in agreement with the Minister of Justice and Minister of Commerce and Industry, and in coordination with the Governor of Saudi Arabian General Investment Authority for a period of three years, subject to renewal , and that the Chairman of the Board and its members shall have previously worked in the private sector for a period of not less than ten years for the Chairman and five years for the members, and they shall not have occupied any government post or job. The Board shall assume the Center’s Affairs and supervise it particularly the following:
1- Approval of the Center’s regulations, rules, decisions and requirements necessary for its work relating to its financial resources and the work of its branches.
2- Preparation of a list of the names of the arbitrators in the field of competence of the center, from which the concerned parties can be briefed or select from it or others.
3- Setting guidance standards to determine the arbitrators’ fees enrolled in this center and their expenses.
4- Creating – as needed – branches for the center inside and outside the Kingdom.
5- Taking the necessary arrangements regarding the issues within the jurisdiction of the center in all disputes that arise between people with natural or legal status.
Fourth: The Center shall represent the Kingdom in the field of commercial arbitration domestically and internationally in coordination with the Ministry of Justice.
Fifth: the Center shall have a fund to provide arbitration aid in accordance with the regulation issued by the Minister of Commerce and Industry.
16:08 LOCAL TIME 13:08 GMT

Related Post