MUSCAT — Participants in the trade arbitration seminar, hosted by the Sultanate, hailed the decision of the Oman Chamber of Commerce and Industry (OCCI), to set up an arbitration centre in the Sultanate. It was agreed that the new centre will ensure the flow and protection of foreign investments in the Sultanate.
The recommendations stressed the importance of unifying legal rules and principles organising arbitration in GCC states in accordance with the international arbitration regulations. The seminar underlined the importance of benefiting from the potential and capacities of regional and international arbitration authorities and exchanging data between Gulf and other Arab arbitration centres.
The seminar called upon the authorities concerned to speed up the promulgation of a civil law “to provide an environment that is supportive to arbitration”. It also proposed the teaching arbitration as a study subject at the Sultan Qaboos University. — ONA
