Commercial arbitration centre to bring in more investment

Muscat: Oman Chamber of Commerce and Industry (OCCI) today held a press conference at its headquarters on the launch of Oman Commercial Arbitration Centre (OCAC) on Wednesday. Qais bin Mohammed al Yousuf, OCCI Chairman, said that OCAC will play a major role in the settlement of commercial and economic disputes and it will have a direct impact on enhancing the confidence of investors and businessmen in the trade and investment sectors. “It will also contribute to attracting more local and regional investments to the Sultanate, thus achieving the desired economic and social human welfare,” he said. Rashid bin Amer al Meslahi, OCCI Deputy Chairman for Administrative and Financial Affairs, said, “The centre will complement the efforts exerted to build the state of institutions, a chain within the framework of the regulations and legislations aimed at improving the business environment in the Sultanate and encouraging investment attractiveness. The centre will play a major role in resolving commercial disputes between companies, institutions and investors. It will contribute to attracting more local and regional investments and capital”. Ridha bin Juma al Saleh, OCAC Board Member, said, “The press conference aims at introducing the Centre’s work system and its main competencies, which include arbitration, mediation and conciliation services to settle local and international trade disputes and other alternative means agreed upon by the parties to the dispute. In addition, it provides consultations, services, dissemination of culture of settlement of commercial disputes, publication of bulletins, the organisation of conferences, seminars, lectures and training courses in the field of arbitration and cooperation with arbitration centres and competent bodies”. Dr Moosa bin Salem al Azri, OCAC Director, delivered a speech in which he said that the draft work system was discussed in a specialized symposium attended by a number of lawyers, experts and businessmen from inside and outside the Sultanate. He added that this step was praised by all for introducing such legislation to the specialists to know about their opinions and aspirations. — ONA