REVOLUTIONIZE SAUDI ARABIA AS AN ARBITRAL CENTER: LESSONS FROM THE LONDON COURT OF INTERNATIONAL ARBITRATION

Abstract

International arbitration is a cynosure of all commercial and business activities, becoming a potent and effective dispute resolution mechanism.LCIA is well known for its accomplishments in resolving international disputes by means of arbitration. Impartiality, efficacy, and excellent management are the forte of this institution. Saudi Arabia is ambitious to become an international arbitration hub. Therefore, it can use the success of LCIA to make a leading arbitral seat in the Middle East and around the globe. The recent revamping of arbitration laws is the paramount step in creating an arbitration-friendly framework. Nevertheless, certain challenges are still there in order to achieve this goal, such as increasing institutional capacity, complying with Sharia law, and most importantly, building international trust. Saudi Arabia can address these challenges by learning lessons from the LCIA and positioning itself as an international arbitration hub. Therefore, this present study aims to explore how Saudi Arabia can use the success of the LCIA to launch itself as a leading arbitral seat internationally. Moreover, it provides a comparative analysis of the LCIA and Saudi arbitration frameworks, with the object of identifying the main reasons behind the LCIA's success, and recommends strategic steps for Saudi Arabia to follow these practices.