Al-Rai Details New Arbitration Law
The new Arbitration Law introduces a comprehensive framework for resolving disputes outside the courts. It outlines faster and more flexible procedures, emphasizing the neutrality of arbitrators and the confidentiality of the process. The law provides a clear structure for appointing arbitrators, with a specified timeframe of 12 months for issuing awards, extendable if necessary. Appeals are limited to an annulment claim within 30 days, and the judgments are to be ratified and enforced swiftly through electronic means. Additionally, the law requires funding entities to disclose their sources of financing to ensure the neutrality of arbitrators. Arbitration centers must obtain licensing from the Ministry of Justice. The law permits arbitration in disputes involving commercial contracts and contracts related to state entities, offering special guarantees for investors and merchants such as confidentiality and scheduled deadlines. Its aim is to shorten litigation durations, establish more specialized and expeditious procedures, and enhance trust and transparency within the commercial dispute resolution system.
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