The establishment of the Oman Commercial Arbitration Centre (OCAC) has further enhanced the investment appeal of the Sultanate from both local and the International Investor community.
[July 28, 2020 – Oman] – The Oman Commercial Arbitration Centre (OCAC) was revealed officially in the year 2019 and it is an independent and financially autonomous body which functions under the Oman Chamber of Commerce and Industry (OCCI). The OCAC helps in the settlement of commercial and economic disputes, and it has a direct impact on enhancing the confidence of investors and businessmen in the trade and investment sectors.
“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”, said Rashid bin Amer Al Meslahi, OCCI Deputy Chairman for Administrative and Financial Affairs.
The financial independence of the Centre would arrive from the fees received in arbitration cases of local and international commercial disputes, the future training courses it holds, and the publications it issues.
The establishment of the OCAC has further enhanced the investment appeal of the Sultanate from both local and the International Investor community who have advocated from very long for the resolution of commercial disputes outside the formal courts.It is also found that, according to the Annual Report of the Implementation Support and Follow-up Unit (ISFU), published in 2019, employees are increasingly settling their Labour disputes with their employers through out of court mechanisms. The percentage of disputes that were resolved within the Ministry of Manpower rose from 48 per cent in 2018 to 60 per cent in 2019, thereby reducing the number of Labour cases referred to court.
All these data have shown the importance of arbitration that is necessary as an ancillary arrangement to courts.
As an experienced Arbitrator in Oman, providing excellent services in areas such as advisory, public prosecution and attorney for individuals and International companies, Mubarak Al-Hadadi welcomes the initiative, as it can be a better platform for investors and other market players to find time-bound solutions to commercial and economic disputes
As an arbitrator, Mubarak Al-Hadadihas been an active participant in and a follower of arbitrations involving parties and projects. The types of cases he has handled includes numerous domestic and international contract disputes and it ranges from complex, multi-party business disputes to a wide variety of other matters, of varying size and parties involved.
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Sunday, December 22, 2024