Latest news with #GCCCommercialArbitrationCentre
Zawya
05-08-2025
- Business
- Zawya
Al-Hamad emphasized strengthening the role of commercial arbitration
London, United Kingdom – Dr. Kamal Abdullah Al-Hamad, Secretary-General of the GCC Commercial Arbitration Centre, emphasized the importance of enhancing the role of commercial arbitration and dispute resolution in attracting foreign investments to the Gulf region. He highlighted the need to create a conducive business environment supported by modern tools that ensure stability, growth, and prosperity for investments, thereby contributing to the economic momentum of the GCC countries. 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.
Daily Tribune
10-03-2025
- Business
- Daily Tribune
BD4.5 million guarantee ruling over payment delays overturned
A BD4.5 million dispute over a guarantee has been overturned by the Court of Cassation, which ruled that delays in payment had voided the guarantor's liability, exposing a gap in the contract's terms that shifted the burden of payment. The ruling quashed a decision that had required a guarantor for a company supplying and installing water filters to cover the sum owed to another firm after the supplier failed to meet its contract. The court stated: 'A guarantee must be read in its narrowest sense, in favour of the guarantor. The respondent company delayed payments, affecting the guarantee's standing.' The dispute arose when the respondent firm filed a claim against the appellant in the High Civil Court, demanding BD4.5 million, BD10,000 in damages, and BD1,500 in expert fees. Deal It argued that, under a joint guarantee, the appellant had vouched for the supplier's commitment and proper execution of a deal to provide four water filter production lines for $21 million, of which $20 million had already been paid. As the supplier failed to meet its obligations, the GCC Commercial Arbitration Centre ordered it to pay $11.6 million, which matched the amount being claimed in court. The appellant, however, refused to settle the shortfall, arguing that the contract terms had not been met.
