GCC Commercial Arbitration Centre hosts premier UK energy dispute conference for 1st time in GCC
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Officials of the GCC Commercial Arbitration Centre and the Arab-British Chamber of Commerce during a reception event.
The partnership was unveiled at a reception organised by the Arab-British Chamber of Commerce, which will play an instrumental role in the conference’s organisation.
Distinguished attendees included the chairman of the centre’s board of directors, esteemed members of the Advisory Committee, Gulf and Arab trade attachés stationed in UK embassies, prominent businessmen, and legal luminaries.
Anticipated to attract a diverse array of arbitration and legal entities from the Gulf, the broader region, and beyond, the conference is poised to welcome renowned legal experts, representatives from top-tier energy, oil, and gas corporations, governmental officials, as well as stakeholders from legal and industrial institutions.
Esteemed speakers from the diplomatic community, academia, and specialised fields, such as commercial arbitration, international relations, and energy sciences are also expected to contribute their insights.
The centre emphasised that this strategic move marks a significant advancement in its operations and collaborations with prominent international institutions within the arbitration sphere. It underscores the centre’s commitment to fostering the exchange of global expertise in arbitration within the Arab Gulf region. This initiative is driven by the pressing necessity to address the multifaceted legal, geopolitical, economic, and security challenges inherent in energy disputes within the Gulf region.
Through facilitating constructive dialogue and offering practical solutions, the conference aims to bolster the role of arbitration as a peaceful mechanism for resolving disputes in the energy sector. Additionally, it seeks to reinforce the development of Gulf-based arbitration centres and tribunals, ensuring alignment with the latest advancements in the oil, gas, and energy industries.
Dr Kamal al-Hamad, the centre’s secretary general, underscored its keen interest in the conference against the backdrop of the notable rise in the presence of oil and energy entities across Gulf nations. He also highlighted the volatility in oil and gas prices within the region, often resulting in disputes necessitating efficient resolution mechanisms.
He emphasised the pressing imperative to address this pivotal issue, noting that arbitration and dispute resolution in the energy sector comprise a substantial 43% of all international legal disputes.
Dr al-Hamad said: “The significance of arbitration in energy-related disputes becomes evident when considering the substantial share of trade attributed to energy sources within the broader spectrum of international trade transactions.
“Moreover, acknowledging the pivotal contribution of the energy sector to the GDP of the global economy, particularly in the Gulf region, underscores its role as a fundamental driver for sustained economic growth and the enhancement of living standards.”
He added: “This recognition has spurred us to forge strategic partnerships and allocate requisite resources towards meticulously studying and analysing all facets of arbitration within this critical sector.
“By delving into these issues comprehensively, we aim to cultivate a deeper understanding and formulate effective strategies for resolving disputes, thus contributing to the stability and prosperity of the energy industry and the economies it fuels.”
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