(MENAFN - Gulf Times)
The new law, based on the United Nations Commission on International Trade Law (UNCITRAL) model, aims at simulating and strengthening the investment and business environment in Qatar.
It contains several innovative features aimed at enhancing procedural efficiency, including revised procedures for the replacement of an arbitrator, the requirement for reasonableness of costs, a review mechanism regarding the costs of arbitration and also includes more detailed provisions on interim measures.
'The new arbitration law has come at an important time and will directly benefit international companies doing business in #Qatar and prove to be an attractive offering to them," QFCA chief executive Yousuf Mohamed al-Jaida said.
Highlighting that around the world, arbitration is a sought-after method for resolving international commercial disputes and #Qatar is no different, he said, 'We welcome the publishing of this new law and see it as an important step to meeting the economic and commercial needs of those doing business in Qatar.
Al-Jaida also acknowledged the role of the QICDRC chief executive Faisal al-Sahouti and the continued efforts made by the international courts to provide a world-class legal environment for companies looking to set up through the QFC.
Welcoming the new arbitration law, Laura Warren, partner at Clyde & Co said it brings considerable and welcome reform to arbitration in Qatar. "Based on the UNCITRAL model law, it clarifies numerous positions, including those relating to the enforcement and recognition of arbitral awards in the state and brings in the Court of the QFC, together with the state courts, as supervisory bodies to provide guidance or assistance where required.
Rashid al-Saad, senior partner and chief executive at Sharq Law Firm and QFC advisory board member, said the new legislation provides for an inclusive mechanism to the arbitration procedures, starting from the arbitration agreement, appointing the arbitrators, process of arbitration, challenging the arbitral award and organising the arbitration institutions' conduct of business. "It is expected that the law will have a very positive and spectacular impact on settling disputes between investor and companies that choose to settle their disputes through arbitration as organised under Qatari law, he said.
The UNCITRAL, a subsidiary body of the general assembly of the UN, was established in 1966 with the general mandate to further the progressive harmonisation and unification of the law of international trade.