Saudi Center for Commercial Arbitration Board Reconstituted by Royal Order

The newly formed board will serve until February 2028, led by Walid Abanumay as chairman. Photo: SCCA website
The newly formed board will serve until February 2028, led by Walid Abanumay as chairman. Photo: SCCA website
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Saudi Center for Commercial Arbitration Board Reconstituted by Royal Order

The newly formed board will serve until February 2028, led by Walid Abanumay as chairman. Photo: SCCA website
The newly formed board will serve until February 2028, led by Walid Abanumay as chairman. Photo: SCCA website

The Saudi Center for Commercial Arbitration (SCCA) announced the issuance of a royal decree to reconstitute its Board of Directors for the fourth term.

The new board includes both international and Saudi experts in alternative dispute resolution, featuring members with diverse expertise in arbitration, law, and various business sectors. The board comprises diversity in nationality, gender, and cultural background, which is expected to enrich SCCA’s activities and enhance the quality of services provided to the business sectors.

The board of directors serves as the highest authority overseeing the SCCA's affairs. It is responsible for approving the SCCA's strategy, policies, internal regulations, and procedural rules.

The board does not involve itself in the management of arbitration cases or intervene in them; members operate independently, with none holding any governmental positions.

The newly formed board will serve until February 2028, led by Walid Abanumay as chairman, with Toby Landau from the United Kingdom as vice chairman. Other members include Prof. Georges Affaki from France, Abby Cohen Smutny from the United States, and Dr. Mohamed Abdel Raouf from Egypt.

Dr. Saud Al-Ammari, Abdulaziz Mohammed Al-Subaie, Dr. Abdullah Alajlan, and Musaab Al Muhaidib from Saudi Arabia, as well as French-Chinese Jingzhou Tao are also board members.

Under the leadership of the new board, SCCA aims to further develop its operations and elevate its services in line with international best practices, catering to the needs of businesses across various sectors.
SCCA restructured its advisory committee for rules to operate on a broader scale, now named the Global Advisory Committee. The committee includes an esteemed group of international arbitration experts from within Saudi Arabia and around the world. It has 16 members, including independent international arbitrators, legal consultants who have worked in prominent international arbitration centers, lawyers from local and foreign firms, and law professors from various international universities.
The committee's new responsibilities will include providing technical advice to the SCCA, enabling it to continue developing its operations and upgrading its services. The committee will issue guidance for the continuous improvement of the SCCA's rules, procedures, and services. It will also monitor international trends in the arbitration industry and consult with the center regarding the introduction of new services or the review of existing ones.

Abanumay expressed his gratitude to the Saudi leadership for its unwavering support of the SCCA and its activities. He added that this new formation will empower the SCCA to achieve its ambitious new vision, aiming to be the preferred choice for alternative dispute resolution in the Middle East and North Africa and one of the leading arbitration centers globally by 2030.
Abanumay stated that SCCA, through its various bodies, operates within a well-defined operational framework that ensures its independence and neutrality.

“The board performs a supervisory role over the SCCA's activities without interfering in the management of its cases,” Abanumay said. “Meanwhile, the arbitration bodies carry out their roles in resolving the disputes referred to them, without receiving instructions from the board of directors concerning case management.”
He also highlighted the supportive role of the SCCA Court in addressing the technical aspects related to the arbitration cases managed by the SCCA, operating independently from the center's board, its committees, and its staff.
SCCA CEO Dr. Hamed bin Hassah Merah emphasized that the formation of the board, which includes high-level international competencies, will significantly contribute to the center achieving its objectives locally and internationally.
Merah added that the committee will enrich the SCCA with the best international practices and serve as a monitoring eye on the trends and developments in the industry globally. It will propose and contribute to the development of the SCCA's procedural rules and tailoring services that align with its operational nature.



Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.


Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
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Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat

The Eastern Province is expected to witness the implementation of more than 650 tourism projects valued at over SAR12.7 billion (approximately $3.39 billion).

With the addition of investments in new projects exceeding SAR21 billion ($5.6 billion), total tourism investments amount to around SAR33.7 billion (nearly $9 billion), reflecting a growth in the sector.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism investments in the region are experiencing qualitative growth, adding that the Eastern Province enjoys competitive advantages that make it attractive for tourism investment.

The minister said the region has achieved positive results in sector performance, welcoming more than 13.4 million tourists whose spending exceeded SAR18.5 billion ($4.9 billion), underscoring the rising demand for tourism services.

Tourism Diversity

Al-Khateeb revealed that more than 650 approved tourism projects would contribute to improved tourism, in addition to strengthening partnerships and supporting private sector participation. This, he said, reflects the rapid growth pace and the achievements that the tourism sector in the Eastern Province has witnessed.

High-quality projects in the region enhance competitiveness, supported by the Tourism Development Fund, said Al-Khateeb. These projects contribute to improving quality of life and offering integrated visitor experiences, reinforcing the region’s position as a leading tourist destination on the Arabian Gulf coast, he added.

The minister met with Eastern Province’s tourism employees, who briefed him on promising opportunities and made proposals aimed at developing career paths for workers in the sector.

Al Khobar Season

Al Khobar Season 2025 has achieved remarkable success since its launch, featuring a seasonal program spanning nearly 90 days. Supported by the Sharqia Development Authority and the Saudi Tourism Authority, the season hosted events across more than 20 locations, attracting over one million visitors and involving more than 50 partners from the private sector.

Al Khobar Season enhances the Eastern Province’s status as a major tourism and entertainment destination through experiences that blend entertainment, culture, arts, and sports. This contributes to improving quality of life, achieving the objectives of Saudi Vision 2030, and developing the tourism sector.


Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
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Saudi Exports Development Authority Organizes Trade Mission to Syria, Iraq 

Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)
Officials are seen during one of the visits to a Saudi company. (Saudi Exports Development Authority on X)

The Saudi Exports Development Authority (SAUDI EXPORTS) organized a trade mission for Iraq and Syria in conjunction with the Made in Saudi Expo 2025 in Riyadh, reported the Saudi Press Agency on Tuesday.

The missions involved 87 Saudi exporters and 32 importing companies, representing key sectors including construction, food products, medical supplies, and packaging industries.

A series of business-matching meetings were held to explore opportunities for cooperation and trade partnerships.

The meetings and bilateral discussions held alongside the exhibition resulted in the signing of seven trade agreements, reflecting the quality and competitiveness of Saudi products.

This was followed by an orientation tour for the visiting trade delegation of the Saudi companies’ pavilions to explore the latest national innovations and products.