Speech by DSJ at “Hong Kong and Riyadh: Legal and Dispute Resolution Services for Businesses along the Belt and Road” at Riyadh International Disputes Week
Deputy Secretary for Justice, Mr Cheung Kwok-kwan, delivered a compelling speech at the thematic event “Hong Kong and Riyadh: Legal and Dispute Resolution Services for Businesses along the Belt and Road” at Riyadh International Disputes Week. The event, organized by the Hong Kong International Arbitration Centre, highlighted the unique legal and dispute resolution services offered by Hong Kong.
Mr Cheung emphasized the strong cooperation between Saudi Arabia and Hong Kong, citing various collaborations and agreements signed between the two regions. He highlighted Hong Kong’s role as a gateway to China and its ability to bridge businesses between Saudi Arabia and the Mainland China.
Hong Kong’s reputation as a renowned center for international arbitration was also emphasized, with Mr Cheung mentioning the city’s ranking as the third most popular seat for arbitration. He highlighted the legislative amendments made to enhance Hong Kong’s arbitration and mediation services, including the permission of third-party funding and outcome-related fee structures.
Furthermore, Mr Cheung announced the establishment of the International Organization for Mediation (IOMed) headquarters in Hong Kong, making it the world’s first intergovernmental international legal body dedicated to settling international disputes through mediation. This move signifies confidence in Hong Kong’s efficiency and effectiveness in resolving international disputes.
The speech concluded with Mr Cheung expressing his congratulations to the Saudi Center for Commercial Arbitration for the successful launch of Riyadh International Disputes Week 2024. He wished all participants a fruitful and enlightening week ahead.
The event was a testament to the strong ties between Saudi Arabia and Hong Kong and the significant role Hong Kong plays in providing top-notch legal and dispute resolution services for businesses along the Belt and Road.