SOCPA and Saudi Center for Commercial Arbitration Sign a Joint Cooperation Memorandum

SOCPA and the Saudi Center for Commercial Arbitration (SCCA) signed a memorandum of cooperation aimed at providing alternative means of resolving disputes of project contractors of SOCPA members. The memorandum also serves to raise awareness of arbitration and mediation services and enhance its role in the development of the accounting and auditing sector in the kingdom.
The signing ceremony took place at SOCPA headquarters in Riyadh, and SOCPA was represented at the ceremony by its CEO, Dr. Ahmed bin Abdullah Al-Meghames, while SCCA was represented by its CEO, Dr. Hamid bin Hassan Meera.
Under the agreement between the two parties, SOCPA will work in cooperation with the center to develop the skills of arbitrators, mediators and relevant experts, by drafting the terms of dispute settlement or pleas before arbitral tribunals. SOCPA will also work to create the appropriate environment for the settlement of disputes of auditors and accountants and related contracts through arbitration or mediation.
The two parties will cooperate to provide the appropriate organizational and administrative conditions and the proper support for the effective and efficient settlement of disputes, in accordance with the latest international practices. In addition to that, the two parties will hold joint meetings, seminars and events related to the development of alternative commercial dispute resolution practices.
The two parties will also cooperate in facilitating the access of auditors and accountants to the center's specialized programs in arbitration and mediation in order to build bridges of understanding between professionals and legal people in the settlement of commercial disputes; in order to achieve the mission of SOCPA which is to develop the profession of accounting and auditing and improve its services, and the SCCA's mission which is to provide professional, transparent and quick services for alternative disputes resolution.
SOCPA CEO, Dr. Ahmed Al-maghames, expressed his hope that the efforts exerted by both parties will be crowned with success, stressing the need to establish strong and coherent relations with all partners for the mutual benefit of each party, explaining that both parties will work in areas that will result in improving their staff's competencies.
For his part, CEO of SCCA, Dr. Hamid Meera, stressed that the center continues to build bridges of cooperation with various professional bodies in the kingdom to enhance the presence of alternatives dispute resolutions in the business sectors and utilize it in enabling access to justice for investors, thus contributing to the establishment of a safe and attractive environment for local and foreign investment.

It is worth mentioning that this agreement between SOCPA and SCCA comes from their keenness to raise awareness of arbitration and mediation services among professionals, improve the profession of accounting and auditing and contribute to enhancing confidence in the national economy.