The Rules of Arbitration and the Local Courts for the Settlement of Foreign Direct Investment Disputes between a Host State and a Foreign Investor. (A Critical analysis Study between the ICSID and Saudi Arabia)
The Rules of Arbitration and the Local Courts
The Main Question of the study:
To what extent the ICSID rules are a big step forward and offer the best practice to solve foreign investment disputes in Saudi Arabia, bearing in mind the 2030 version approach to boost the foreign investment. Research methodology:
The study’s approach is doctrinal, and a critical comparative study will be supplemented by the qualitative method. Research aim and objectives: The investment growth has led both international organisations and also the national government of Saudi Arabia to create rules for governing investment disputes.
Thus, many countries have ratified the investor-protection legislation and created institutions to settle investment disputes. From the international community’s perspective, litigation in local courts was deemed an inappropriate method for investors. Also, in cases of investor-state disputes because the parties involved are unequal.
Therefore, there is a tendency for foreign investors to seek specific institutional deals during investor-state disputes.
So on 18 March, 1965, the World Bank’s executive directors adopted the Washington (ICSID) Convention. The first main objective of this study is the clarification of FDI legislation concerning investor-state party disputes.
The Rules of Arbitration and the Local Courts
Therefore, to discuss the procedure of settlement via Saudi Arabia’s arbitration legislation
and the ICSID for such disputes and to analyse the similarities and differences between them, this study will discuss how Saudi Arabia law facilities ensure the success of the ICSID procedures, especially in terms of recognising and enforcing arbitral awards, because if such an award does not affect, the value of ICSID would be significantly diminished. The second main objective of the study will be in three parts: to discuss the law and procedure of the Court, the court responsible for the settlement of FDI in Saudi Arabia; to examine the potential attitude of Saudi Arabia’s courts regarding issues of settlement raised hitherto; and to consider unexplored areas, highlight unanticipated problems, and suggest a way forward for the legal system. This thesis’s third objective will be to discuss and to also analyse the most effective methods for the settlement of FDI. This will be within Saudi Arabia and ICSID procedures.
