Kuwait to host Arab Com­mer­cial Ar­bi­tra­tion Court

Kuwait Times - - FRONT PAGE -

KUWAIT: The Arab Com­mer­cial Ar­bi­tra­tion Court will be based in Kuwait, it was of­fi­cially an­nounced yes­ter­day. Speak­ing at a news con­fer­ence, of­fi­cials of the court’s con­stituent assem­bly said the court headed by Sheikh Me­shaal Malek Ab­du­laziz Al-Sabah would be the first of its kind on the Arab level, and the world’s third, adding that it will be tasked with set­tling com­mer­cial, in­vest­ment and eco­nomic is­sues.

Sheikh Me­shaal said that found­ing the court is based on an Arab ini­tia­tive aim­ing to al­le­vi­ate pres­sures on in­ter­na­tional ar­bi­tra­tors. He noted that some Gulf and Arab in­sti­tu­tions have paid hun­dreds of mil­lions of dol­lars due to dis­putes whose rul­ings were not just. Estab­lish­ing the rules of jus­tice amongst dis­putants en­hances con­fi­dence in the court’s per­for­mance and raises its sta­tus on Arab and in­ter­na­tional scenes, he stressed. He called on the court’s judges to set up a le­gal, tech­ni­cal and leg­isla­tive sys­tem to is­sue fair and im­par­tial rul­ings.

Mean­while, Ashraf Al-Nimr, the court’s sec­re­tary gen­eral, said the rise in com­mer­cial dis­putes on the Arab and the in­ter­na­tional scenes led to many cases of fraud and de­cep­tion. Avoid­ing such cases was the mo­tive to found an Arab court, he pointed out. Com­pet­i­tive con­flicts amongst traders, in­vestors and busi­ness­men through the e-com­merce have re­cently wit­nessed cases of piracy which neg­a­tively af­fected trade ex­change amongst coun­tries of the re­gion, he said. In a speech de­liv­ered on be­half of Jus­tice Min­is­ter, As­sis­tant Un­der­sec­re­tary for Ju­di­cial Ar­bi­tra­tion at the min­istry Sheikh Dharar Saud Al-Sabah, said the foun­da­tion of court crowns the ex­ist­ing sec­tor in the Arab re­gion, ex­press­ing hope the court would achieve the as­pired goals. — KUNA

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