Saudi Arabia reveals the signing of MoU with Permanent Court of Arbitration
The Secretary General of the Permanent Court of Arbitration, Dr. Marcin Czepelak, held a major discussion with Saudi Arabia's Deputy Minister of Foreign Affairs, Eng. Walid Al-Khereiji, in Riyadh.
This meeting took place in conjunction with the Saudi Centre for Commercial Arbitration's (3rd) International Conference, signifying a significant milestone for global legal cooperation.
During the discussions between Al-Khereiji and Czepelak, Saudi Arabia and the Permanent Court of Arbitration in The Hague solidified an agreement. This Memorandum of Understanding reflects the Kingdom's dedication to advancing international collaboration in legal matters. Its primary objectives include strengthening cooperative endeavours and exploring the potential for establishing a host country agreement in accordance with relevant regulations and laws.
The SCCA conference began concurrently and had as its theme "Dispute resolution in a changing world: new trends and opportunities." World-renowned legal specialists have come to this event, which is being hosted by the SCCA in collaboration with the UN Commission on International Trade Law. The signing ceremonies for multiple partnerships and cooperation agreements, which emphasise the growing significance of international collaboration in the field of commercial arbitration, are among the conference's noteworthy highlights.
The SCCA conference serves as a unique platform for leaders and decision-makers from local, regional, and international spheres to come together and exchange ideas. Against the backdrop of the significant advancements underway in Saudi Arabia as part of the Saudi Vision 2030 initiative, these discussions are particularly pertinent. The conference provides an invaluable opportunity for stakeholders to engage in dialogue, forge partnerships, and contribute to the ongoing transformational journey outlined in Saudi Vision 2030.
Moreover, the meeting between Al-Khereiji and Czepelak, alongside the broader SCCA conference, underscores Saudi Arabia's commitment to fostering international cooperation, advancing legal frameworks, and embracing innovative approaches to dispute resolution. As the Kingdom continues on its path towards economic diversification and modernization, such collaborations play a crucial role in supporting its goals and aspirations on the global stage.
