QFC Authority welcomes new Arbitration Law
Qatar Financial Centre (QFC) Authority senior executives welcomed the new arbitration law (Law No 2 of 2017), which was introduced recently and gave Qatar International Court and Dispute Resolution Centre jurisdiction to oversee arbitration cases in the state of Qatar in line with recent local and international developments in aim to simulate and strengthen the investment and business environment in Qatar.
The new law, which is based on the United Nations Commission on International Trade Law (UNCITRAL) Model Law, contains several innovative features aimed at enhancing procedural efficiency, including revised procedures for the replacement of an arbitrator, the requirement for reasonableness of costs, and a review mechanism regarding the costs of arbitration. They also include more detailed provisions on interim measures.
“The new arbitration law has come at an important time and will directly benefit international companies doing business in Qatar and prove to be an attractive offering to them. Around the world, arbitration is a sought after method for resolving international commercial disputes and Qatar is no different”. He continued: “We welcome the publishing of this new law and see it as an important step to meeting the economic and commercial needs of those doing business in Qatar,” said Yousuf Mohamed Al-Jaida, QFC Authority CEO.
Al Jaida also acknowledged the role of the CEO of the QICDRC, Faisal Al Sahouti and the continued efforts made by the international courts to provide a world class legal environment for companies looking to set up through the QFC.
“The New Qatar Arbitration Law brings considerable and welcome reform to arbitration in Qatar. Based on the UNCITRAL Model Law, it clarifies numerous positions including those relating to the enforcement and recognition of arbitral awards in the State and brings in the Court of the Qatar Financial Centre, together with the State courts, as supervisory bodies to provide guidance or assistance where required,” said Laura Warren, Partner at Clyde and Co also welcomed the issuance of the new arbitration law.
Mr Rashid Al Saad, Senior Partner and CEO at Sharq Law Firm and QFC Advisory Board member acknowledged the issuance of the new law stating: “Law no. (2) of 2017 regarding Arbitration in the Civil and Commercial matters is adopting the UNCITRAL Rules of Arbitration and it provides for an inclusive mechanism to the arbitration procedures starting from the arbitration agreement, appointing the arbitrators, process of arbitration, challenging the arbitral award and organising the arbitration institutions’ conduct of business. It is expecting that the Law would have a very positive and spectacular impact on settling disputes between investor and companies that choose to settle their disputes through arbitration as organised under Qatari law.”
The UNCITRAL, a subsidiary body of the general assembly of the UN, was established in 1966 with the general mandate to further the progressive harmonisation and unification of the law of international trade.