March 6, 2024: The International Centre for Settlement of Investment Disputes (ICSID) and the Saudi Center for Commercial Arbitration (SCCA) signed an agreement today to jointly support the use of arbitration, mediation, and other dispute resolution tools to resolve international investment and commercial disputes.  

The agreement was signed by Meg Kinnear, Secretary-General of ICSID, and Hamed H. Merah, Chief Executive Officer of the SCCA, on the sidelines of the SCCA's 3rd International Conference and Exhibition.

It is the latest cooperation agreement for ICSID with leading domestic and regional dispute resolution institutions that aim to promote knowledge exchange and provide practical assistance with cases. Drawing on Article 63 of the ICSID Convention, the agreement offers parties in ICSID proceedings the option to holding hearings at SCCA’s facilities.

“The role of the Middle East in the development of international investment and commercial law has grown rapidly in line with the region’s broader commitment to fostering inward and outward foreign investment,” said Ms. Kinnear. “The SCCA is a valued partner with a shared goal of providing world-class dispute resolution services that reinforce dynamic commercial markets in the Middle East and globally.”