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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Bahrain Chamber for Dispute Resolution (the “BCDR”) has extended its ongoing efforts in enhancing the efficiency of Bahrain’s judicial system through introducing a new Legislative Decree 26 of 2021 amending certain provisions of Legislative Decree 30 of 2009 with respect to the Bahrain Chamber for Economic, Financial and Investment Dispute Resolution (the “Amendment”). The Amendment provides special care and flexible proceedings for high value cases, by expanding the BCDR’s jurisdiction to include a wider scope of cases.
Historically, the BCDR’s competence would be limited to claims that exceed BHD 500,000 (about US$ 1.3 million), and where at least one party is a financial institution licensed by the Central Bank of Bahrain; or the dispute is of an international commercial nature.
However and in accordance to the Amendment, as of 1 October 2021, the BCDR will have the jurisdiction to rule over – along with the above mentioned claims-, any claims involving commercial companies with a claim value exceeding BHD 500,000.
In conclusion, the Amendment provides the BCDR the competence to hear a wider pool of cases, giving entities a more specialised judicial body to look over such claims, in consideration of the nominal value of those disputes.
The Litigation team regularly advises on all aspects of the litigation disputes. If you require further information on the litigation process or any other matter relating to the judiciary system in Bahrain contact the team.
Partner, Head of Litigation - Bahrainn.firstname.lastname@example.org
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