London: At a London Court of International Arbitration (LCIA) meeting, GCC Commercial Arbitration Centre Secretary-General Dr. Kamal Al-Hamad highlighted the importance of commercial arbitration in attracting foreign investment to the Gulf region. He underscored the need for a business environment supported by modern dispute resolution tools to ensure investment stability and growth, thereby contributing to the economic momentum of GCC countries.
According to Saudi Press Agency, Al-Hamad praised LCIA's collaborative efforts in creating a secure investment climate and facilitating business practices for investors. He also emphasized the importance of providing legal guarantees to protect and encourage foreign investment, which helps to enhance the overall reputation of investment activities within the GCC region.
Al-Hamad outlined the GCC Commercial Arbitration Centre's role in the Gulf and highlighted its efforts in creating a transparent legislative environment for arbitration and ensuring the enforcement of rulings. He also stressed its commitment to developing a robust pool of qualified arbitrators and experts through continuous training, which contributes to legal and judicial security in the region.
Al-Hamad reaffirmed the pivotal role of arbitration centers, commercial courts, and relevant ministries in promoting legal awareness and educating investors on the importance of arbitration as a key alternative to litigation. He said that arbitration is a vital tool for attracting investment, building investor confidence, and encouraging capital transfer, which boosts commercial activity.
Both parties agreed to enhance mutual cooperation and exchange expertise in dispute resolution, with the ultimate goal of creating a sustainable investment strategy for the GCC region.
The meeting was attended by GCC Commercial Arbitration Centre's Advisory Committee Chairman Majid Garoub and Advisory Committee Member and Scottish Arbitration Centre Chairman Brandon Malone.