Saudi Arabia’s Center for Commercial Arbitration (SCCA) and Dubai International Financial Center (DIFC) Courts have signed a memorandum of understanding, the official news agency of Saudi Arabia reported on Thursday.
The MoU aims at coordinating between the two parties in strategic and executive tracks pertaining to the development of institutional alternatives to settle commercial disputes.
The MoU comes to strengthen the institutional arbitration industry in the region and achieve the Gulf vision aimed at creating an environment of stimulating and effective dispute settlement alternatives.
The Memorandum of Understanding includes cooperation in improving the quality of conflict resolution practices and spreading its culture to targeted segments in the Kingdom and the UAE, in addition to cooperation in the areas of raising awareness, enhancing media publishing, and intensifying training and capacity development.
The MoU also provides for the exchange of expertise through workshops and periodic meetings, the exchange of information to assist in the preparation of studies and statistics, and the holding of seminars, conferences and panel discussions.