The Gulf Commercial Arbitration Center records a dispute of about

The Gulf Cooperation Council Commercial Arbitration Center revealed the registration of a dispute that is considered the largest and largest in terms of the value of the dispute since the establishment of the center in 1995 until now. The value of the dispute amounted to about 41 million dollars for the parties of a foreign company against a Gulf company and a Gulf person. Commodity Murabaha contract.

By the way, the Secretary-General of the Commercial Arbitration Center of the Cooperation Council for the Arab States of the Gulf, Tariq Al-Shammari, stated that the Gulf region is witnessing an increasing growth in the volume of foreign investments, and one of the main reasons for this is the development of the arbitration system at several levels, most notably the existence of a well-established regional arbitration center, which is the Commercial Arbitration Center for States The Cooperation Council for the Arab States of the Gulf, as well as the issuance of many national legislations in our region that support conflict resolution through alternative means of dispute settlement.

He added: Investment does not develop except on the land of arbitration and the country that hosts a developed international arbitration system – such as the Gulf Commercial Arbitration Center – there is no doubt that it will be reflected in the growth of the volume of foreign investments, especially if the judgments issued by it are implemented with ease and without complications. There is a direct causal relationship between The development of the arbitration system and the increase of investment.

He continued: In recent years, the center has witnessed a quantitative and qualitative change in the disputes received by the center, whether in the large size of the disputes or in terms of the diversity of the nationalities of the parties to include the nationalities of individuals and foreign companies from different continents of the world, as well as the high value of the disputed amounts.

Al-Shamimary pointed out that the increase in the size, value and number of disputes reflects the growing confidence by the parties in the mechanism used by the center in settling disputes, as well as the authority to implement the provisions of the center in all countries of the Gulf Cooperation Council.

By Editor

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