Saudi Arabia'sCenter for Commercial Arbitration (SCCA) and Dubai International Financial Center(DIFC) Courts have signed a memorandum of understanding, the official newsagency of Saudi Arabia reported on Thursday.
The MoU aimsat coordinating between the two parties in strategic and executive trackspertaining to the development of institutional alternatives to settlecommercial disputes.
The MoUcomes to strengthen the institutional arbitration industry in the region andachieve the Gulf vision aimed at creating an environment of stimulating andeffective dispute settlement alternatives.
The Memorandumof Understanding includes cooperation in improving the quality of conflictresolution practices and spreading its culture to targeted segments in theKingdom and the UAE, in addition to cooperation in the areas of raisingawareness, enhancing media publishing, and intensifying training and capacitydevelopment.
The MoU alsoprovides for the exchange of expertise through workshops and periodic meetings,the exchange of information to assist in the preparation of studies andstatistics, and the holding of seminars, conferences and panel discussions.