Kuwait to host Arab commercial arbitration court

KUWAIT, Oct 21 (KUNA) -- The Arab commercial arbitration court will be based in Kuwait, it was officially announced on Friday. 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. (end) hm