Dr. Kamal Al-Hamad, the Secretary General of the GCC Commercial Arbitration Centre, engaged in discussions with Mr. Wail Al Jaafari, the Executive Vice President of Technical Services at Saudi Aramco, exploring avenues for collaborative initiatives and the exchange of expertise. The focus was on areas such as contract development, expert qualification, and the enhancement of dispute resolution mechanisms within the oil, gas, and petrochemical sector through commercial arbitration.
These discussions unfolded within a meeting convened by Dr. Kamal Al-Hamad with Mr. Wail Al Jaafari, encompassing a broad spectrum of topics of mutual interest. Among these subjects, priority was given to fostering a stable and dependable legal and legislative environment. The aim is to champion commercial arbitration, cultivate the evolution of commercial contracts, attract foreign investments, and streamline the business environment.
Emphasis was placed on positioning commercial arbitration as a viable alternative for dispute resolution, thereby bolstering support for companies and investors in the oil and energy sectors. This collective effort is envisioned to elevate the standing of the investment landscape across GCC countries.
In the course of the meeting, Dr. Kamal Al Hamad provided a comprehensive overview of the GCC Commercial Arbitration Centre’s pivotal role in establishing an appropriate and transparent legislative framework that facilitates arbitration procedures across GCC countries. He highlighted the Centre’s commitment to cultivating a robust pool of arbitrators and experts in commercial arbitration, emphasizing continuous training and qualification.
Dr. Al Hamad also underscored the significance of educating investors about the merits of resorting to arbitration as an alternative to the judicial system, ensuring the provision of judicial safeguards to incentivize foreign investment.
The Secretary-General expressed admiration for Aramco’s significant role in bolstering the commercial environment within the region. He commended Aramco’s commitment to utilizing commercial arbitration in its projects and operations, deeming it a preferred avenue for dispute resolution.
Dr. Al Hamad stressed a keen interest in establishing a fruitful partnership with Aramco to advance the development of contracts and the qualification of experts. Such collaboration is envisioned to contribute to the ongoing development and prosperity witnessed by the Gulf Cooperation Council countries.