Al-Hamad emphasized strengthening the role of commercial arbitration
This came during a meeting held at the London Court of International Arbitration (LCIA), attended by Mr. Majid Garoub, Chairman of the Centre's Advisory Committee, and Mr. Brandon Malone, Advisory Committee Member and Chairman of the Scottish Arbitration Centre. The meeting addressed several topics of mutual interest. Dr. Al-Hamad praised the efforts of the LCIA and its collaboration with the GCC Commercial Arbitration Centre in fostering a secure investment climate, facilitating business practices, and supporting investors in expanding their ventures. He further emphasized the importance of providing legal guarantees that protect and encourage foreign investment, enhancing the overall reputation of investment activity in the GCC region.
During the meeting, Dr. Al-Hamad presented an overview of the GCC Commercial Arbitration Centre's role in ensuring a transparent and supportive legislative environment for arbitration procedures in the Gulf, enforcing arbitration rulings, and developing a robust pool of arbitrators and experts. He also highlighted the Centre's commitment to ongoing training and qualification, which ensures the issuance of fair and specialized decisions in resolving disputes and contributes to legal and judicial security in the region.
Dr. Al-Hamad reaffirmed the pivotal role of arbitration centers, commercial courts, and relevant ministries and authorities in the GCC in promoting legal awareness and educating investors on the importance of arbitration as an alternative to litigation. He pointed out that arbitration is one of the main tools for attracting investment, instilling confidence in investors, and encouraging the transfer of capital to host countries, thereby boosting commercial activity. Both parties agreed on fostering mutual cooperation and exchanging expertise in dispute resolution, with the aim of creating a sustainable investment strategy for the GCC region.
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