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.



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.