The newly-launched revised Arbitration rules of International Chamber of Commerce (ICC) in Qatar is expected to strengthen the confidence of businesses operating in the country, as it will facilitate attracting more investments, say experts from the law industry.
The ICC, the world’s largest business organisation, recently launched in Qatar the Law No. 2 of 2017 of the International Court of Arbitration.
“The new procedures that the ICC has introduced will help many of the Qatari businesses and people involved in disputes in the country. This will not only help resolves disputes with more certainty and quickly, but also enhance the confidence of businessmen and investors”, said Tarek Saad (pictured), a Doha-based prominent legal expert associated with the global law firm, Squire Patton Boggs.
Speaking to The Peninsula in an interview, Tarek added: “With the new Arbitration rules in operation in Qatar, businesses, either located in Qatar or outside the country, would feel more secure and comfortable knowing that if a dispute arises, there will be a way to resolve it quickly and at less expense. An award ultimately given will be enforceable.”
The newly-amended rules, which came into effect globally from March 1, 2017, is part of ICC’s efforts to improve transparency and curbing on fees and the duration of time in dispute resolution.
Ghada Darwish, Managing Partner of Doha-based Ghada M Darwish Law Firm, echoed similar views about the new ICC laws.
“With the local economy continue to grow, more and more investors are coming to establish their business operations in the country. But their main concerns were which regulations are going to be applied. That’s why Qatar published the new Arbitration law No.2 of 2017 to help resolve disputes amicably through arbitration. Out of court settlement of issues will save a lot of money and time,” Ghada told this newspaper in an interview.
She stressed that maintaining confidentiality of disputes and other critical information are some of the important attractions of resolving disputes through Arbitration.
She noted that Qatar has been one of the fastest growing arbitration jurisdictions in the region with Qatari parties increasingly opting for ICC arbitration. The new arbitration law will further strengthen Qatar as a hub of arbitration.
The ICC Arbitration rules allow the parties to chose the location of tribunal and a particular set of regulatory framework, for dispute resolution, depending on the parties will and the size (amount) of the project.
Asked about the nature of disputes in Qatar, she said that most of the disputes come from construction sector, and a majority of them are disputes between contractors and sub-contractors regarding payments.
Commenting on the competitive environment in Qatar’s legal sector, Ghada said that her law firm has grown very fast and achieved remarkable success within five years of its establishment. The firm, so far, has signed cooperation agreements with over a dozen internationally renowned names in several countries, including the UK, Portugal, Turkey, Lebanon, India, Egypt, the Philippines and most of GCC counties.
“The Qatari market is very competitive, which is growing fast. There are nearly 140 local law firms operating in the country, out of that 28 percent are owned by women,” said Ghada.
