Make MENAFN My Home Page
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

New arbitration law to benefit global firms in Qatar: QFCA  Join our daily free Newsletter

MENAFN - Gulf Times - 20/03/2017
No. of Ratings : 0
Add to Mixx!

(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.



Gulf Times

Loading, Please wait....




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help