GCC Commercial Arbitration Centre Secretary-General meets Saudi Arabia Assistant Minister of Investment

Riyadh, Jan. 6 (BNA): Dr. Kamal bin Abdullah Al Hamad, the Secretary-General of the GCC Commercial Arbitration Centre, affirmed the significance of bolstering the role of commercial arbitration and dispute resolution to attract foreign investments to the GCC countries.

This came during a meeting with Ibrahim Al-Mubarak, Assistant Minister of Investment in the Kingdom of Saudi Arabia.

Dr. Al Hamad emphasised 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 of these nations.

The meeting reviewed various topics of common interest, and Dr. Al Hamad commended the efforts of 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 capital flows 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 implementation of its decisions and enhancing the arbitrators and experts in commercial arbitration through continuous training and qualifications. The objective is to guarantee the delivery of fair and specialised decisions, thereby contributing to the resolution of disputes and fostering legal and judicial security in the region.

Dr. Al Hamad 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 to promote legal awareness and educate 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.

Y.R