Cairo, Secretary-General of the Gulf Cooperation Council (GCC) Commercial Arbitration Centre Dr. Kamal Al Hamad has emphasized the pivotal role of commercial arbitration in guaranteeing the execution of mega projects in alignment with pre-established plans, timelines, and financial commitments agreed upon by all involved stakeholders, including proprietors, financiers, supervisors, and contractors. He underscored the necessity of upholding penalties for any party that breaches contracts and agreements.
Speaking at the ninth Mega Project Forum held in Cairo, Egypt, from April 14 to 16, Dr. Al Hamad highlighted the surge of massive ventures across the GCC states and the wider Arab region, spanning infrastructure, energy, transportation, logistics, smart cities, sports, and entertainment, and emphasized that the successful realization of these endeavours necessitates adaptable, swift, and reliable commercial arbitration, particularly when projects extend across multiple nations or involve external investors par
tnering with governmental or local entities to carry out the initiatives.
Al Hamad stressed that the advancement of commercial arbitration in the Arab region would underpin its economic, urban, and cultural resurgence, particularly as arbitration stands as the cornerstone in safeguarding the rights of all parties involved and facilitates the attraction of foreign investments to the region.
He commented: “We firmly emphasize the centre’s dedication to promoting collaboration among Arab nations in overseeing mega projects. Our focus lies in facilitating the exchange of experiences, enhancing comprehension of current issues and practices, and fortifying the expertise of arbitrators and experts in this domain. Additionally, we emphasize the critical role of arbitration as a highly effective method for resolving disputes within this framework.”
He also acknowledged the significance of the Mega Projects Forum, which gathers numerous experts, leaders, senior executives, project managers, and heads of departments
across various sectors from numerous Arab countries, expressing the centre’s readiness to offer all necessary support, expertise, and guidance to ensure the forum yields the desired recommendations and outcomes.
Source: Saudi Press Agency