The GCC Commercial Arbitration Centre convened a meeting with the Chamber of Commerce and Industry in the Kingdom of Bahrain, led by His Excellency Mr. Khalid Najibi, The First Vice-Chairman of the Bahrain Chamber.
The discussions encompassed collaborative efforts, the sharing of expertise in mediation and arbitration, and the adoption of leading international practices in these domains.
Present at the meeting were Board Member Yusuf Zainal and Secretary General Dr. Kamal Abdullah Al Hamad. The meeting underscored the pivotal role of commercial arbitration in advancing the business environment, alleviating investor apprehensions, restoring confidence, and actively contributing to attracting both local and foreign funds and investments. This, in turn, plays a crucial part in advancing and elevating the quality of legal services while establishing a local arbitration environment that aligns with international standards for dispute resolution, thereby reinforcing trust in the judicial system.
The discussions also delved into enhancing and standardizing the level and quality of services offered by the GCC Commercial Arbitration Centre and the Commercial Disputes Settlement Centre at the Bahrain Chamber of Commerce and Industry. The parties explored ways to streamline transactions between relevant authorities, foster collaboration in initiating joint projects, and promote awareness of alternative methods for resolving commercial and financial disputes. This collaborative effort aims to bolster the national economy, stimulate the growth of industrial and commercial activities, and create a conducive investment environment that contributes to economic prosperity in the Kingdom.
The meeting highlighted the crucial role played by the GCC Commercial Arbitration Centre in refining international arbitration rules, particularly in resolving cross-border commercial cases involving companies and investments within the Gulf Cooperation Council countries. This process contributes to enhancing the positive reputation of the justice system in the Gulf region. Strategies discussed included expanding the team of specialized arbitrators, participating in international forums and conferences to share advancements, and fostering international cooperation and knowledge exchange with other centers.
Both parties emphasized their shared commitment to aligning with the aspirations and ambitions of the local business community. This commitment, they believe, will have a positive impact on Bahrain’s economic landscape. They reiterated their dedication to exerting continuous efforts in supporting the economic and investment movement, providing necessary requirements and facilities, and paving the way for broader horizons in various economic sectors to establish Bahrain as a globally trusted center for dispute resolution.
