PHOTO
RIYADH: The Enforcement Court in Jeddah has ordered a Saudi company to pay more than SR280 million ($74,384,800) in contractual rights to two Japanese companies.
The payments were based on two commercial arbitration awards issued by an international jury chosen by the companies to litigate in cases of dispute, the Saudi Press Agency (SPA) reported.
The Saudi company had previously deposited the amount in the court’s account and filed a dispute allegation in which it presented its arguments to the court.
The court’s decision, supported by the Court of Appeal, was to carry out the two decisions. The Enforcement Court also ordered the Saudi company to pay the amount to the two Japanese companies.
The Enforcement Court carries out decisions and awards issued by a foreign country on the basis of reciprocity and in compliance with the provisions of international treaties and conventions. These decisions/awards are considered bonds of execution after they satisfy the conditions stipulated in the implementation law and its executive regulations.
Saudi Arabia is also a participant in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention), which aims to enforce foreign arbitral awards of states that have signed the convention, thereby supporting trade and investment between these states.
