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 International Chamber of Commerce – UAE, in association with Federation of UAE Chambers of Commerce and Industry, will host a reception for the International Chamber of Commerce (ICC) global membership on Saturday 29th October 2011 at The Palace Hotel, Dubai, UAE. The reception, which is sponsored by law firm Pinsent Masons and business information provider Thomson Reuters, is organized to mark the occasion of the ICC Commission on Arbitration’s Meeting being held for the first time in the Middle East. It immediately precedes the International Bar Association’s International Conference, which is also held in the Middle East for the first time.
The ICC recently launched its much-anticipated revised version of its Rules of Arbitration with the aim of better serving the needs of businesses and governments engaged in international commerce and investment.
The new Rules will come into force on 1st January 2012, and take into account current requirements and developments in arbitration practice and procedure, as well as developments in information technology, since they were last revised in 1998. Changes include provisions to address disputes involving multiple contracts and parties, updated case management procedures, the appointment of an emergency arbitrator to order urgent measures and changes to facilitate the handling of disputes arising under investment treaties and free trade agreements.
Attendees of the reception will have the opportunity to question experts from the drafting group that revised the Rules and to network with some of the most prominent leaders in the arbitration world and business community in the UAE.
Dr. Ahmed Saif Belhasa, Chairman of the UAE National Committee of the Chamber International said: “Hosting this meeting reflects the status of the UAE and its effective role in investment and trade at a regional and international level. Then is highlighted the positive contribution in addressing the challenges facing business owners following the global financial crisis and the efforts of the government and its successful policy and procedures that have limited the impact of the crisis.”
Saeed Obaid Al Jarwan, Board Member & Secretary General of International Chamber of Commerce – UAE said: “The reception is taking place at an important time on the occasion of the ICC Commission on Arbitration meeting, followed by IBA Conference where the new ICC Rules of Arbitration will be launched. The event will provide an opportunity for participants to exchange views and opinions with leading lawyers and arbitration experts from around the world.”