KCAC receives KD 41.24 mln worth of cases in '15

KUWAIT, Dec 12 (KUNA) -- Kuwait Commercial Arbitration Center (KCAC) announced Saturday that the value of cases submitted to the center in 2015 amounted to about KD 41.24 million (USD 136 million).
It said the number of companies using arbitration clauses as a safe alternative for speed and security in resolving commercial disputes has been growing.
The center has an important role in spreading the culture of arbitration, Abdulwahab Mohammad Al-Wazzan, KCAC's Chairman, said in a press statement, confirming the center's aspiration towards economic openness and faith in business nature, which requires speed and flexibility in achieving transactions and resolving disputes.
KCAC's board of directors has held its second meeting this year at Kuwait Chamber of Commerce and Industry's (KCCI) headquarters last Wednesday, during which the members reviewed several subjects and achievements since the beginning of 2015, Al-Wazzan noted.
The meeting also reviewed a number of details regarding cases submitted to the center, in addition to other subjects on the board's agenda, he said, adding that the board also reviewed KCAC's training courses on preparing a distinctive generation of arbitrators, in which participants were given a number of lectures on most basic issues in arbitration. (end) osj.tb.ma