Arbitration in favour of Galfar over Seeb sewage project

An arbitration award has been issued in the second of the four arbitration proceedings between Galfar Engineering and Contracting (claimant) and Oman Wastewater Services Company / Haya (Defendant) over disputed claims between the parties in Seeb sewage project contract-3. The arbitration award has decided in all disputed matters and the award obligated Haya to pay to Galfar all awarded amounts in a sum amounting to RO18,860,533/260 plus interest at a rate of seven per cent from the date of 5/11/2014 up to the date of Award on 15/2/2018 which is equal to RO4,252,535/357. Accordingly, the awarded total amount is equal to RO23,113,068/617 subject to an interest increase @ seven per cent from the date of the award 16/2/2018 until full payment. This award covers the income recognized in the company’s accounts.