Saudi Arabia's representative Prince Dr. Bandar bin Salman bin Mohammed, honorary president of the commercial arbitration center of the Arab Gulf countries, said on Wednesday that the Kingdom has enacted a number of regulations and systems to cope with the accelerating developments in the digital economy field which prevails the world economy and fill the gaps occurring in the field.
Prince Bandar's address came at the opening ceremony of the intentional digital economy forum held in Rabat and organized by the Moroccan Consultants Council, the GCC commercial arbitration center, the Saudi arbitration team, and the international center for mediation and arbitration in Morocco.
The forum was sponsored by Morocco's Premier Saad Al-Deen Al-Othmani and tackled relevant disputes and settlements on advancing digital economies.
Prince Bandar said that it is time to enact new regulations to cope with today's accelerating developments in the information technology.
The Saudi representative said that regulations will walk hand in hand with Islamic Sharia, reported the Saudi Press Agency (SPA).
"It (Islamic Sharia) is valid for all times and places and never contradicts modern understandings for commercial transactions," he explained.