The GCC Commercial Arbitration Centre (GCCCAC) has underlined the significance of bolstering the role of commercial arbitration and dispute resolution to attract foreign investments to the GCC countries.
This was stated during a meeting of Dr. Kamal bin Abdullah Al Hamad, the Secretary-General of GCCCAC with His Excellency Eng. Ibrahim Al-Mubarak, Assistant Minister of Investment in the Kingdom of Saudi Arabia. Dr. Al-Hamad emphasized the need to create a conducive business environment and equip businesses with modern tools that promote stability, growth, and prosperity in investments, thereby supporting the economic development in these nations.
The meeting covered various topics of common interest, and Dr. Al-Hamad commended the efforts of His Excellency Eng. Ibrahim Al-Mubarak in establishing a secure investment climate, facilitating the business environment, supporting investors in their business endeavors, expanding their investments in the Kingdom, and providing all necessary judicial guarantees to protect and encourage foreign investment. This contributes to enhancing the reputation of the investment movement in the GCC countries.
The Secretary-General explained the GCC Commercial Arbitration Centre’s role in establishing a proper and transparent legislative environment that supports arbitration procedures in the Gulf region. Dr-Al Hamad highlighted the Centre’s commitment to ensuring the enforcement of its decisions, enhancing the pool of arbitrators and experts in commercial arbitration through continuous training and qualifications. The objective is to guarantee the delivery of fair and specialized decisions, thereby contributing to the resolution of disputes and fostering legal and judicial security in the region.
Dr. Al Hamad, during the meeting, underscored the crucial role played by arbitration Centres, commercial courts, as well as relevant authorities and ministries involved in investment and trade across Gulf countries.
Furthermore, Dr. Al Hamad emphasized their responsibility in promoting legal awareness and educating investors about the significance of opting for arbitration as an alternative to the judicial system for dispute resolution, and pointed out that arbitration stands as a key method in attracting investments, instilling confidence in investors, and motivating them to channel their capital into the host country for investment, ultimately boosting commercial activity.
