SCCA Publishes Report on Saudi Arabia in World’s Most Important Platform

Riyadh, The Saudi Center For Commercial Arbitration (SCCA) has underlined the qualitative leap the Kingdom is witnessing in lying down the foundation for a solid Alternative Dispute Resolution (ADR) industry, guided in this endeavor by the Saudi Leadership’s strong will and pursuit to create a business-friendly and investment-attracting environment.

In a lengthy report, published in the Middle East and African Arbitration Review 2021 of the Global Arbitration Review (GAR), the leading global platform for international arbitration news and community intelligence, the SCCA details the ADR mechanism to facilitating access to justice in the Kingdom of Saudi Arabia and the approach the Saudi consecutive governments have employed to align the national legislation with international standards and best practices, and the key actors in establishing a solid foundation for the industry.

The SCCA also attributed the reason behind the advanced level of the ADR industry in general and the and the institutional arbitration industry in particular to the comprehensive official efforts of the relevant parties that have been based on four main pillars: legislative and procedural reform, diversification of dispute resolution alternatives in various business sectors, judicial support through enforcement of decisions resulting from ADR and institutional excellence, led by the SCCA in introducing a system of globally available services and options with normative power.

The report also explained the support to the justice system, mainly from the Ministry of Justice, has had an immense impact in advancing the industry, adding that this support is embodied in judicial institutions’ adoption of ADR, the enactment of mediation and conciliation as amicable means of resolving a dispute before proceeding to litigation, and enhanced enforcement of the rulings of ADR in arbitration and mediation decisions.

The SCCA’s report also noted that the Saudi relevant bylaws have undergone a series of legislative reform so that the Kingdom’s legal system can serve as the supportive environment for the ADR industry, starting with the issuance of the new Arbitration Law, through the he Commercial Franchise Law, Government Tenders and Procurement Law and the Commercial Courts Law, as well as Saudi Arabia’s signing of the Singapore Mediation Convention.

Source: Saudi Press Agency

Syria has history rich of diverse civilizations, Czech writer Sedlá?ková says

Prague, Czech writer and traveler Jolana Sedlácková said that Syria has a rich history of diverse civilizations and its tourist attractions deserve to be visited.

In an article posted by “People and Countries” tourist magazine, Sedlácková affirmed that Maaloula town is one of the most important historical and tourist sites in Syria, which is built over a mountain with a height of 1500m, and it harmoniously combines the architectural style with the nature, and the ancient and modern heritage.

Sedlácková noted that the locals of Maaloula town speak the Aramaic language till today, which is the language of Jesus Christ, and that is an evidence of the Syrians’ pride in their culture and their civilizational richness.

Source: Syria Arab News Agency

Melodies from the North.. An evening by the Syrian Heritage Music

Damascus, The heritage of the north and the artistic creativity of its sons attended as a summer breeze in a Damascene evening during which the traditional melodies that shaped over time the unique Syrian cultural diversity were mixed at the concert performed by the Syrian Heritage Music Band led by Maestro Nazih Asa’ad

During the evening which was entitled “Melodies from the North” and hosted by the Drama Theater at Dar Al-Assad for Culture and Arts, the band presented songs of various styles from the spirit of the northern regions in Syria, adopting tunes of some musicians belonging to different environments.

Asa’ad sought to present the program of the concert with a variety of oriental and classical instruments, and the selected musical pieces were distributed in a harmonic manner by Syrian academic musicians.

The Syrian Heritage Music band is interested in Arab and oriental heritage in general and Syrian one in particular. It consists of musicians and singers, most of whom are students and graduates of the Higher Institute of Music in Damascus in addition to amateurs.

Source: Syria Arab News Agency

Syrian community in Argentina celebrates winning of Dr. Bashar al-Assad in presidential election

Buenos Aires, Members of the Syrian community in Argentina have celebrated the winning of Dr. Bashar al-Assad in the presidential elections through a massive national event held at the headquarters of the Syrian embassy in the capital city of Buenos Aires, attended by a number of clergymen and heads of Syrian associations, clubs and centers across Argentina.

Participants in the celebration reiterated their standing by their homeland, Syria, in the face of terrorism and its supporters, and the unilateral coercive economic measures imposed by the United States and some Western countries on the Syrian people, stressing that the success of the presidential elections in Syria dealt a strong blow to the West, which tried by various means to influence the results of the elections and to interference in the internal affairs of Syria.

Chargé d’affaires of the Syrian Embassy in Argentina, Mohammad Maher Mahfouz, said in a speech during the celebration that the achievement of the constitutional entitlement is a victory for the will of the Syrians over the hegemony schemes and attempts of foreign interference in Syria’s internal affairs, as well as a protection of national sovereignty.

Mahfouz noted that the results of the presidential elections expressed the Syrian people’s love and loyalty to their president, and their confidence in the ability of their leadership to achieve victory over terrorism and all the other extremist forces.

In turn, Jawdat Ibrahim, Head of the Syrian-Lebanese Club in Buenos Aires, congratulated the Syrian people in a speech during the ceremony, on President al-Assad’s winning in the presidential elections, hailing the wide participation of the Syrian community in the presidential elections.

Archbishop Youhanna Ghasali, Archbishop of the Syriac Orthodox in Argentina, also extended his warm congratulations to President al-Assad on his winning in the presidential elections, praising the steadfastness of the Syrian people in the fight against terrorism and the countries that support it.

Archbishop Ghassali said that the elections are a message of pride and glory to the Syrians who have demonstrated their steadfastness and belonging to their homeland, Syria.

For his part, Hafez Abbas, Head of the Islamic Charitable Society, expressed his congratulations and joy for President al-Assad’s winning in the presidential elections, pointing out that Syria will remain a beacon of culture and civilization in the world thanks to President al-Assad’s leadership.

Source: Syria Arab News Agency

Sayyed Nasrallah: presidential election in Syria reflected political meaning of victory over terrorism

Beirut, Hezbollah Secretary-General, Sayyed Hassan Nasrallah, affirmed that the presidential election in Syria has expressed the political meaning of the military victory over terrorism.

Sayyed Nasrallah, in a speech on the 30th anniversary of al-Manar TV establishment, said that Syria’s victory and the axis of resistance over terrorist organizations that serve the US project in the region was consolidated in a political victory represented by the presidential election in Syria through the large popular turnout inside and outside Syria.

As for Palestine, Sayyed Nasrallah added that what is going on in Palestine, Jerusalem and al-Aqsa Mosque reveal that “we face a spiteful and foolish enemy who may flee forward as a result of its internal crises.

Source: Syria Arab News Agency

1,261 New Confirmed COVID-19 Cases, 922 Recoveries Reported in Saudi Arabia

Riyadh, The Ministry of Health announced, in a statement here today, that 1,261 new confirmed cases of the novel Coronavirus (COVID-19) have been reported in the Kingdom of Saudi Arabia, bringing the total number to 459,968, including 9,698 active cases.

Of these, there are 1,580 critical cases, while the health condition of the rest is stable.

It added that 17 new deaths have been reported; putting the tally of fatalities, at 7,488.

Meanwhile, as many as 922 cases have recovered, raising recoveries’ toll to 442,782.

Source: Saudi Press Agency

Islamic University President Receives Japanese Ambassador to Saudi Arabia

Madinah, Prince Dr. Mamduh bin Saud bin Thunayyan, President of the Islamic University received here today the Japanese Ambassador to the Kingdom of Saudi Arabia Fumio Iwai and accompanying delegation.

During the meeting, they discussed issues of mutual interest and means to promote them, in addition to review the most prominent educational, research and academic programs provided by the university.

Source: Saudi Press Agency

PIF Appoints Two Deputy Governors As Fund Continues Its Expansion

Riyadh, The Public Investment Fund (PIF) today announced the establishment of two Deputy Governor roles in order to support the Fund’s continued growth and expansion. The appointments follow the Board of Directors’ approval of PIF’s new organizational structure.

Turki bin Abdulrahman Alnowaiser, who heads PIF’s International Investments Division, and Yazeed bin Abdulrahman Alhumied, who leads PIF’s MENA Investments Division, will take on their Deputy Governor roles alongside their current responsibilities. They will also act as deputies at selected existing management committees on behalf of PIF Governor Yasir Al-Rumayyan. There will be no changes to the current reporting structures to the Governor, nor to the existing structure of the Fund’s business units.

The establishment of the two new Deputy Governor positions demonstrates the strength of PIF’s leadership, its strong succession planning and its robust governance. The new structure will add to the world-class governance model PIF has in place to guide its domestic and international investment strategies. It will also help facilitate the delivery of PIF’s 2021-2025 Strategy, announced earlier this year, and is in line with its position as one of the world’s largest and most impactful investors. PIF aims to reach Assets Under Management (AUM) of over $1.07 trillion by 2025 while investing $40 billion annually into the local economy during the same time period.

PIF is the main engine helping to drive Saudi Arabia’s economic transformation as part of the country’s Vision 2030. Since the last internal structure was approved in 2018, PIF has grown rapidly to over 1,100 employees, from just 40 staff in 2016. PIF has also grown its AUM to $430 billion since 2016, and has invested approximately $90 billion in the Saudi economy during that time, while creating more than 331,000 new direct and indirect jobs in Saudi Arabia.

As Head of PIF’s International Investments Division since 2016, Alnowaiser has successfully driven the Fund’s International Investment strategy across a number of geographies and asset classes. Alnowaiser joined PIF having held senior positions at a number of leading Saudi institutions, including at Saudi Fransi Capital where he headed Asset Management. He also previously worked at Morgan Stanley. In addition to his membership on PIF’s Management Committee & Investment Committee, Alnowaiser also represents PIF on the boards of several corporations, including Lucid Motors, Noon Investments, Saudi Information Technology Company (SITE), Sanabil Investments, and Hapag-Lloyd AG.

Alhumied has headed PIF’s Local Holdings Investments Division since December 2020, where he is responsible for managing two key investment pools and many portfolio companies, and driving international investment into Saudi Arabia. In line with the new organizational structure, Alhumied will also take on the newly created role as Head of MENA Investments, with the Local Holdings Investments Division being expanded to become the MENA Investments Division. Alhumied was previously Chief of Staff at PIF, where his significant achievements included developing a comprehensive governance model for PIF’s portfolio companies. Alhumied also represents PIF on the boards of several companies, including Chairman of the National Security Services Company, Vice Chairman for the Saudi National Bank, the Saudi Stock Exchange (Tadawul), and the Saudi Telecom Company (STC). He has more than 16 years of experience in finance and management in Saudi Arabia and internationally, starting his career at PriceWaterhouseCoopers before joining Saudi Arabia’s Capital Market Authority.

Source: Saudi Press Agency