Finality of Awards: Is it the Key Feature of the New Saudi Arbitration Law that Will Put the Country in the Global Map of Arbitration?

Abstract

Arbitration became an essential tool to resolve international disputes as a result of the globalized and integrated markets, free trade and international investments. Therefore it was crucial for states to reform arbitration related laws in order to attract investments. Saudi Arabia has issued a new arbitration law which showed significant developments chief among them is the concept of finality. Finality of awards is a key element that is shared and adopted by all successful international jurisdictions. This paper will analyse the concept of finality and the consequences of its incorporation in the new Saudi Law. Also, the question of whether or not, the introduction of finality will be enough to transform the country to an international arbitration hub, will be answered in details. It is concluded that the adoption of finality is crucial because it is the essence of arbitration. It allows swift conclusion of disputes, preserve confidentiality and it is money saving. However, there are other reforms to be done in Saudi Arabia to enhance its chance. Finality alone is a major step towards the right direction but more needs to be done in the local legal environment. Examples of steps to be done are in the conclusion of this paper.