On 6 March 2024, the SIAC and the Saudi Centre for Commercial Arbitration (“SCCA”) formalised a memorandum of understanding (“MoU”) aimed at promoting international arbitration as a preferred method for resolving global disputes.
The MoU outlines a collaborative effort between the two institutions to co-organise conferences, seminars and workshops on international arbitration in both Singapore and Saudi Arabia. Additionally, the two organisations will share information and insights to enhance their collective knowledge and expertise.
The terms of the MOU also contemplate that SCCA will, subject to the terms of the MOU, extend the use of SCCA’s hearing facilities at preferential rates for SIAC arbitration hearings that are held in Saudi Arabia and SIAC will, subject to the terms of the MOU, assist to request the use of hearing facilities in Maxwell Chambers at preferential rates for SCCA arbitration hearings that are held in Singapore.
As part of the agreement, SIAC will help secure preferential rates for SCCA arbitration hearings held in Singapore at Maxwell Chambers. In return, SCCA will offer similar preferential rates for SIAC arbitration hearings hosted in Saudi Arabia.
The SIAC’s Press Release can be viewed in full here.