GCCCAC handles claims worth BD2.1m in Q1

TDT | Manama

Arbitration claims worth 2.1 million Bahrain dinars (US$5.5m) has been processed by the Gulf Cooperation Council Commercial Arbitration Centre (GCCCAC) in the first quarter of 2020. During the quarter, GCCCAC said it witnessed a steady flow of arbitration claims of not less than one claim each month, including four disputes.

“This shows the growing acceptance for the instrument of dispute resolution which works following the constitution of each of the member states,” said GCCCAC’s Secretary-General In charge Nasser Al Mogahwi.

Al Mogahwi said the acceptability also emphasises the applicability of the GCCCAC rules as a special law in accordance to the constitution of each of the member countries that have signed the international agreement and gave birth to the GCCCAC rules.

On the impact of Coronavirus (COVID-19) outbreak, Al Mogahwi said GCCCAC was able with the use of its vast cumulative experience to adapt with current crises and not let it affect the main services 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 hearings, submitting documents and producing arbitral awards.”

The tribunal, Al Mogahwi said, continued to hold hearings including that for parties from outside Bahrain such as Yemen, Saudi Arabia and the United Arab Emirates.

Al Mogahwi also complemented the employees of the GCCCAC for their enormous efforts and work ethics displayed especially during the current crises by coming to the workplace.

“This shows the eagerness and sheer will of the employees to succeed and sustain the GCCCAC by performing its services in the best possible way.”

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

The Gulf Cooperation Council Commercial Arbitration Center (GCCCAC or Center) was established to support the growing commercial sector and started its operations in 1995 from Manama, the capital of the Kingdom of Bahrain.

Its vision is to have an integrated judicial and arbitration system, independent of the GCC states, closely connected to the regional and international arbitration situation that rises above laws in force in the GCC states.