GCC Commercial Arbitration Centre handled disputes worth $81 million
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The GCC Commercial Arbitration Centre announced handling disputes valued at around US$81 million from the 1st of January to the 31st of October 2021.
Parties involved in the disputes spanning trade, real estate, and financial and investment portfolios were mainly from Bahrain, Kuwait, Saudi Arabia and Malaysia.
“This is a 100% increase when compared to cases handled by the centre in 2019, where the total value amounted to $41 million,” said the centre in a statement.
Tariq Yousef Al-Shamimary, the Secretary-General of the Commercial Arbitration Centre, said 2019 was one of the most successful years since its establishment.
The number of cases registered in 2021 exceeded registered in 2020 by 167%, and in 2019 by 60%.
This boom was not restricted just to cases but also was in the renewal of memberships.
“This exceeded the year 2020 by 118% and 2019 by 114%.”
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