GCCCAC receives Arbitration claims, worth $ 5.5 million

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Manama, May. 9 (BNA): The Gulf Cooperation Council Commercial Arbitration Centre (GCCCAC) received Arbitration claims worth 5.5 million us dollars which is equivalent to 2.1 millionBahraini dinars during the first quarter of the current year 2020, these arbitration claims consists of 4 disputes and maintaining the rate of no less that one claim each month.

 

In addition the GCCCAC’s  Secretary General In charge Nasser Al Mogahwi stated that the GCCCAC maintained the consistency of receiving arbitration claims with no less that one claim each month  and this shows the growing trust of the instrument of dispute resolution that is present in the GCCCAC in accordance to the rules of the GCCCAC, emphasizing the applicability of the GCCCAC rules as a special law that is in accordance to the constitution of each of the member countries that have signed the international agreement and gave birth to the GCCCAC rules.

 

Al Mogahwi pointed out that GCCCAC was able with the use of its vast cumulative experience to adapt with current crises (COVID-19 Epidemic) and not let it affect the main services that are provided, this was accomplished by managing the arbitration procedure using the modern technological methods to perform most of the tasks such as, submitting arbitration requests, paying the arbitration expenses, holding arbitration hearings, submitting documents and producing arbitral awards. The arbitral tribunal continued holding arbitration hearings which consisted of parties from outside Bahrain such as Yemen, Saudi Arabia and the United Arab Emirates.

 

Al Mogahwi complemented the employees of GCCCAC for their enormous efforts and massive work ethic that has been displayed especially during this current crises by following the current cases, transactions, reviewers and any other issue from a distance and by coming to the work place,and this shows the eagerness and sheer will of the employees to succeed and sustain t GCCCAC by performing its services in the best possible way considering the current circumstances.

 

Al Mogahwi confirmed that drafting an arbitration clause in the contracts is considered as a guarantee of a swift dispute resolution especially if this arbitration clause has an international nature such as the one present in GCCCAC; which provides protection and insurance to any investment whether it is national or international which in turn aims to attract more foreign investments.

 

WHQ