Cairo, April 16, 2024, Dr. Kamal Al Hamad, the Secretary-General of the Gulf Cooperation Council (GCC) Commercial Arbitration Centre, recently emphasized the critical role of commercial arbitration in ensuring the successful execution of mega projects. This includes adhering to pre-established plans, timelines, and financial commitments agreed upon by all stakeholders, including proprietors, financiers, supervisors, and contractors. Dr. Al Hamad also stressed the importance of imposing penalties for any party that breaches contracts and agreements.
His remarks were delivered during the ninth Mega Project Forum held in Cairo, Egypt, from April 14 to 16. Dr. Al Hamad highlighted the significant increase in large-scale ventures across the GCC states and the broader Arab region, spanning various sectors such as infrastructure, energy, transportation, logistics, smart cities, sports, and entertainment. He emphasized that the successful realization of these projects requires adaptable, efficient, and reliable commercial arbitration, especially when projects involve multiple nations or external investors partnering with governmental or local entities.
Dr. Al Hamad emphasized that enhancing commercial arbitration in the Arab region would support its economic, urban, and cultural growth. Arbitration, he noted, plays a crucial role in protecting the rights of all involved parties and attracts foreign investments to the region.
In his comments, Dr. Al Hamad stated, "We firmly emphasize the center's dedication to promoting collaboration among Arab nations in overseeing mega projects. Our focus lies in facilitating the exchange of experiences, enhancing comprehension of current issues and practices, and fortifying the expertise of arbitrators and experts in this domain. Additionally, we emphasize the critical role of arbitration as a highly effective method for resolving disputes within this framework."
He also acknowledged the significance of the Mega Projects Forum, which gathers experts, leaders, senior executives, project managers, and department heads from various sectors across numerous Arab countries. Dr. Al Hamad expressed the center's readiness to provide necessary support, expertise, and guidance to ensure the forum yields valuable recommendations and outcomes.
