Recent Trends in the Saudi Arabian Arbitration Law for the year of 1433 AH: A Comparative Study
Dr. Adnan S. Alomar
Assist. Prof. of Commercial Law Faculty of Law – University of Yarmouk – Jordan
Dr. Ali S. Alzahrani
Assist. Prof. of Commercial Law – College of Business Administration – Prince Sattam Bin Abdulaziz University – KSA
Abstract:
Commercial arbitration is one of the important means of commercial disputes resolution at both national and international levels. In view of its vital importance to strengthen the appropriate environment for investment in the Kingdom and encourage it, the legislator worked on reorganizing the provisions of arbitration so that they can be consistent with the latest international trends of the concept of arbitration as it is based on free will in choosing this means to resolve the disputes between the disputing parties as an alternative to the methods of traditional litigations which are no longer appropriate, specifically international commercial disputes.
After considering the new arbitration law, we find that the Saudi legislator adopted some modern global trends in formulating its rules and provisions. The present study explains these trends, the extent of their appropriateness for the next stage and their consistency with the new “Saudi Vision 2030”.
Keywords: commercial arbitration; Investment; international trends; international commerce; commercial disputes.