18 Dhu al-Hijjah 1445 - 25 June 2024
    
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Eye of Riyadh
Government | Friday 10 May, 2024 12:25 am |
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GCC Commercial Arbitration Centre Marks 30th Anniversary with Launching 'GCC International Arbitration and Law Week' Initiative

Dr. Kamal Al Hamad, the Secretary-General of the GCC Commercial Arbitration Centre, has announced the initiation of the "GCC International Arbitration and Law Week" endeavor. 

 

This initiative aims to serve as a significant gathering, both within the Gulf region and on a global scale, providing an international platform for all stakeholders involved in dispute settlement systems. Its purpose is to explore industry and investment prospects in the Gulf region, facilitate the exchange of knowledge and experiences, foster relationships, and facilitate the signing of agreements. 

 

Dr. Al Hamad made this announcement during his speech at the Centre's thirtieth-anniversary celebrations held in the Kingdom of Bahrain, where the Centre is headquartered. The event was attended by their highnesses and excellencies ministers and government officials from various Gulf states, as well as arbitrators, legal experts, and others.

 

Dr. Al-Hamad revealed that preparations are underway for the inaugural "GCC International Week for Arbitration and Law," with details regarding its location and schedule to be announced shortly and stated that this initiative underscores the GCC Commercial Arbitration Centre's commitment to advancing the arbitration field. The Centre aims to enhance its services in arbitration, and dispute resolution to attract increased investment and bolster the economic development of Gulf countries as a collective entity.

 

Additionally, Dr. Al-Hamad unveiled the establishment of the "Advisory Committee of the GCC Commercial Arbitration Center " to serve as a primary resource for arbitration-related information and advice in the Gulf region. This committee will offer its expertise across various disciplines and arbitration domains whenever required.

 

Moreover, Dr. Al Hamad introduced the concept of "GCC Arbitrator Day" and the creation of a specialized award dedicated to recognizing excellence in Gulf arbitration within GCC states. The award aims to highlight innovative arbitration practices, honor exemplary contributions, and incentivize arbitrators to uphold principles of justice and fairness in the GCC region, thereby promoting a culture of excellence in arbitration. 

 

The Secretary-General of the GCC Commercial Arbitration Centre commented: “The GCC Commercial Arbitration Centre is committed to strengthening collaboration with arbitration Centres across Gulf Cooperation Council countries. This commitment is aimed at fostering communication and facilitating the exchange of knowledge and experiences among member states. By enhancing the role of Gulf arbitration Centres, the Centre seeks to actively contribute to the development of legislation and regulations aimed at improving arbitration practices throughout the GCC states.”

 

“These initiatives aim to enhance arbitration efforts in achieving justice and fairness in the GCC states, as a distinguished tool for settling commercial disputes and attracting foreign direct investments, spreading and promoting the culture of arbitration, developing and protecting systems of practice and gaining a prominent position at the regional and international levels.”

 

Dr. Al Hamad highlighted the GCC Commercial Arbitration Centre's pursuit of several strategic objectives aimed at enhancing the efficiency of arbitration practices. One key aim is to attain a prominent position among the world's top 10 arbitration Centres and said: "The Centre has already made significant strides toward this goal by establishing a comprehensive framework for commercial arbitration, facilitated by its highly skilled personnel and specialized training programs offered by the Academy to groom and certify arbitrators and international experts."

 

Dr. Al Hamad further affirmed that the Centre's future endeavors will concentrate on sustaining efforts to cultivate a secure investment climate across all GCC states. This involves streamlining the business environment and providing support to both local and foreign investors, enabling them to conduct business activities and expand their investments within the region. To achieve this, the Centre will continue to enhance judicial and arbitration mechanisms, ensuring the protection and promotion of foreign investments. These efforts are aimed at bolstering the reputation of the GCC states as favorable destinations for investment.

 

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