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Effective from Mar 10 2021 - Mar 09 2021 To view other versions open the versions tab on the right
1.
The Bank may conclude contracts and agreements in Arabic or other languages, as necessary.
2.
The Bank shall not, in carrying out its activities and procurements, be subject to the provisions of the Government Tenders and Procurement Law, and shall instead be subject to regulations and policies issued by the Board, provided that such regulations and policies are in line with the main objectives and principles of the Government Tenders and Procurement Law.
3.
Bank contracts and agreements shall be subject to policies approved by the Board. However, if the interest of the Bank so dictates, Bank contracts and agreements may stipulate that they be subject to foreign laws, in accordance with policies issued by the Board. In such case, said contracts and agreements may stipulate that they be subject to the jurisdiction of foreign courts or settle disputes through arbitration.
