GCC Commercial Arbitration Centre Contributes to Achieving Safe Investment Environment

Manama, Saleh bin Hamad Al Sharqi, Chairman of the Board of Directors of the GCC Commercial Arbitration Center, which the State of Qatar chairs its current session, affirmed that the Center, since its founding thirty years ago, has been working to create a safe investment environment in the region and has been able to confirm and consolidate its existence as a leading and independent institution in the field of commercial arbitration regionally and internationally, despite all the challenges it has faced, thanks to the belief of its administrators and supporters in the nobility of goals and the lofty objectives. In his speech during the celebration of the 30 anniversaries of its founding, Al Sharqi said, "The Center's goals are to establish the values and principles of justice, neutrality and honesty to achieve the goals that we all seek in order to achieve the directives of our wise leadership in the Gulf Cooperation Council countries, and to achieve the aspirations of the citizens of the Gulf Cooperation C ouncil countries to achieve real, comprehensive and sustainable economic development." Al Sharqi pointed out the importance of the role of the GCC Commercial Arbitration Centre in supporting the economy in the GCC countries by providing and achieving an attractive, stable, and most trustworthy legal investment climate between the parties to the commercial relationship, considering that arbitration is the most effective means of settling and resolving commercial disputes between disputing parties in the shortest time. Al Sharqi stressed that the GCC Commercial Arbitration Center's strategy, since its founding thirty years ago, has placed at the top of its priorities contributing to creating a safe and stable investment climate in the Gulf Cooperation Council countries, which gains the trust of business owners. He added that based on that strategy and believing in the importance of keeping pace with modern developments, the center sought to develop arbitration rules in a manner that It is consistent with the latest international practices and standards, while developing and expanding the centers range of services to include new services that keep pace with and meet developments and needs. The Chairman of the Board of Directors of the GCC Commercial Arbitration Centre added that the Center is currently going through a new phase of work and giving and achieving more aspirations in embodying the goals of sustainable development. For his part, Khalid bin Ali Al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the General Secretariat of the Cooperation Council for the Arab States of the Gulf (GCC), stressed that the GCC Commercial Arbitration Centre is a living model of effective cooperation between sister countries, which has earned it success in facilitating and settling commercial disputes, through building on its strong legacy that reflects the common vision of strengthening the rules of justice and achieving economic integration in the GCC countries. Dr. Kamal bin Abdullah Al Hamad, Secretary General of the GCC Commercial Arbitration Centre, announced the strategic transformation plan that the center will implement through a set of measures aimed at enhancing the efficiency of arbitration practice and its governance, leading the Center to assume a prestigious position among the top 10 arbitration centers in the world. He also indicated the Center's keenness to adopt the latest technologies and harmonize them with the work approach to enhance performance, such as artificial intelligence techniques, and provide the necessary infrastructure and information technology to facilitate arbitration procedures. Source: Qatar News Agency