Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
The Abu Dhabi Court of Cassation, in Appeal no. 924 of 2009, integrated the following important rules in respect of arbitration:
The Petitioner entered into an agreement with the Respondent for the purchase of a luxury dress. Since the Petitioner failed to make full payment of the price, the Respondent requested the Court to appoint an arbitrator to resolve the parties’ dispute, in accordance with the arbitration clause in the agreement. The Court of First Instance appointed an arbitrator who issued an award in favor of the Respondent. The Respondent initiated an action for the ratification of the award before the Court of First Instance, which ratified the award. The Petitioner appealed before the Court of Appeal, which confirmed the decision of the Court of First Instance. Thereafter, the Petitioner filed a petition to the Court of Cassation.
The Court of Cassation
The Petitioner made the following arguments. The Court of Cassation’s findings are set out below each point:
Accordingly, the appeal was dismissed by the Court of Cassation.