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Settling out of court

by Nicole Purin

The development of an efficient, modern and systematic arbitration process is arguably a central tenet that accompanies a country’s economic development and progress. Among other marks of quality, growth-oriented countries and specifically financial centres that wish to remain at the front line of innovation are today measured by their ability to ensure that their international clientèle and business partners are effectively serviced when disputes emerge. The Gulf region’s aspiring financial hubs Bahrain and Dubai International Financial Centre (DIFC) — ranked as the world’s fastest growing financial center — have provided regional examples by setting arbitration rules and favorable environments for dispute resolution, servicing businesses and the Gulf region as a whole. Saudi Arabia, previously criticized for its lack of a comprehensive arbitration system, has recently passed legislation (the new Arbitration Law approved on April 16 this year) that is meant to pave the way to greater credibility in effectiveness of

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