Critical overview of the enforcement of foreign arbitral award in Dissertation - 1

Critical overview of the enforcement of foreign arbitral award in Saudi Arabia - Dissertation Example This study investigated this law. Its adherence to the Shari'a law and its impact on commercial arbitration and foreign arbitration enforcement are also explored in depth. To this end, the research perused several conventions such as UNCITRAL’s Model Law, the New York Convention, the Washington Convention and the Riyadh Convention. This study concluded that the modern arbitration mechanism in Saudi Arabia typifies the classic hybrid theory of control and regulation. It has to loosen regulation, which is primarily driven by the restrictive Shari’a Law on one hand while on the other, it has to impose certain regulatory controls in order to protect public interest and reconcile international arbitration conventions with the Shari’a law. In addition, the legal framework for arbitration remains insufficient. The implications of this fact in the enforcement of foreign arbitral awards are significant. The absence of clear and specific laws on commercial arbitration and the enforcement of foreign arbitral awards create several challenges, particularly in terms of fair and credible examination of applications for awards enforcement and in providing a speedy arbitration resolution. Â   ACKNOWLEDGMENTS When I began this study, I did not know that I would be indebted to so many people. I found that I needed a lot of help because of the amount of work and information required. However, I would like to start with expressing my gratitude to Allah for blessing me with the strength and ability to see this research through. As always, I dedicate my work in his service and glory. I am also deeply grateful to Dr.Gbenga Odatun. He has been very patient with me as I struggled in each stage of this research. His insights and observations were absolutely helpful. Finally, I would like to say thank you so very much to my father and my mother. They have been unfailing in giving support, understanding and encouragement. Without them, I would have been a lesser indiv idual. Therefore, I also dedicate this work to them and my family. I hope that this testament to my effort somehow makes them recognize the extent of what I have accomplished in my studies. TABLE OF CONTENTS Abstract 2 Acknowledgement 3 INTRODUCTION 7 Statement of the Problem and Scope of the Study 8 Limitations 9 I: INTERNATIONAL ARBITRATION 10 1.1 Evolution of Modern International Arbitration 10 1.2 International Conventions 13 1.2.1 The New York Convention 13 1.2.2 ICSID 14 1.2.3 The Riyadh Convention 15 1.3 The Legal Nature of Arbitration 15 1.4 Arbitration and Formal Judiciary 16 1.5 The International Arbitration Process 18 II: ARBITRATION IN SAUDI ARABIA 20 2.1 History of Commercial Arbitration in Saudi Arabia 20 2.2 Present Arbitration Policy 23 2.3 Commercial Arbitration Procedure in Saudi 25 2.4 Other Pertinent Laws 27 III. LIMITATIONS, IMPEDIMENTS AND PROHIBITIONS 28 3.1 Insufficient Laws 28 3.2 Shari’a and Arbitration 29 3.3 Exemption of Government Entities 33 3.4 Concerning the Legal Environment 34 IV: THE ENFORCEMENT OF FOREIGN ARBITRAL AWARDS IN SAUDI ARABIA 35 4.1 Enforcement According to Shari’