Towards New Horizons in Commercial Arbitration
Arbitration is a fundamental element in attracting investments and providing a reassuring environment for investors, encouraging them to inject their capital into the host country to boost economic activity.
In the field of investment attraction, irrespective of the encouraging initiatives outlined in legislation and legal regulations, investors—be they citizens or foreigners—require assurance in the form of an independent and effective judiciary. This ensures that legal provisions are interpreted in a manner that upholds principles of justice and equality, thereby serving as a prerequisite for investor engagement.
The prevailing economic, cultural, and developmental landscape in the Gulf Cooperation Council countries underscores an immediate and escalating requirement for innovative legal tools and mechanisms. These are imperative to bolster and foster the advancement of various sectors, including tourism, investment, and notably, the banking sector. The latter has exhibited exceptional performance, achievements, and services within these nations.
This manifested in the establishment of a Commercial Arbitration Centre specifically tailored for the GCC countries—a culmination of concerted efforts aimed at activating the financial and banking system. This initiative aims to provide distinguished legal services that, in turn, streamline litigation procedures between banking institutions or with other entities. By serving as an institutional arbitration centre, it seeks to contribute significantly to facilitating resolutions and enhancing the overall legal framework within the financial sector.
We place a high priority on safeguarding the administrative, financial, and professional autonomy of the GCC Commercial Arbitration Centre. This commitment is integral to realizing the Centre's objectives and upholding the principles of justice, impartiality, and integrity in its operations. Our aim is to ensure transparency and honesty in the arbitration process, providing a framework that protects the interests of disputing parties.
Furthermore, we strive to bolster the Centre's standing within the regional and international business community. This involves enhancing its legal personality, the nature of its judgments, and leveraging advantages and immunities.
By doing so, we aspire to solidify the Centre's reputation as a trusted and effective institution in the realm of arbitration, both regionally and on the global stage.
Additionally, we are committed to the preparation and qualification of a cadre of arbitrators and experts. This initiative is designed to elevate the efficiency and quality of arbitration performance, further solidifying our position as a hub for top-notch arbitration services. Through these collaborations, we aspire to create a robust network that supports our shared goals and contributes to the broader advancement of commercial arbitration.
With unwavering determination and the grace of God Almighty, we are poised to usher in a qualitative leap and strategic transformation in the operations of the Centre, marking nearly three decades since its inception. Our comprehensive development initiative encompasses improvements to the Centre's infrastructure, the evolution of laws and regulations, the expansion of a network comprising specialized arbitrators, and the fostering of international cooperation and knowledge exchange with peer institutions. This concerted effort is aimed at elevating professional standards and practices within the realm of commercial arbitration.
Our goal, God willing, is to position the GCC Commercial Arbitration Centre among the esteemed ranks of arbitration centres worldwide. We aspire for it to be the premier destination for resolving commercial disputes, adhering to the best and latest international standards. Through our collective dedication and focused efforts, we anticipate realizing this objective and solidifying the Centre's global standing in the field of commercial arbitration.
