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RIYADH: Gulf dispute resolution services are set to improve after a meeting was held to enhance collaboration in research and development for innovative digital tools in commercial arbitration.
According to the Saudi Press Agency, the secretary-general of the Commercial Arbitration Center of the Gulf Cooperation Council, Kamal bin Abdullah Al-Hamad, met the Kingdom’s governor of Communications, Space and Technology Commission, Mohammed Saud Al-Tamimi, in Riyadh on Tuesday.
During the discussion, Al-Hamad expressed his center’s commitment to integrating technical advancements and innovations into its international commercial mediation operations.
He also underscored the significance of leveraging modern technologies, including artificial intelligence and data analysis, to augment the efficiency and effectiveness of settlement procedures.
The secretary-general acknowledged the role undertaken by the CST in Saudi Arabia, serving as the regulatory cornerstone for the communications, space, and technology sector, standing as a catalyst for dynamic change and spearheading digital transformation initiatives across a multitude of industries.
He added that the commission is at the forefront of delivering avant-garde digital services and pioneering technologies, contributing to the Kingdom’s innovative landscape.
Al-Hamad went on to stress the importance of strengthening cooperation between the center and CST in research, development, and exchanging experiences and knowhow to develop new digital tools and solutions that can improve commercial arbitration efficiency.
Earlier this month, Al-Hamad met Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak in Riyadh.
He emphasized the need to create a conducive business environment and equip businesses with modern tools that promote stability, growth, and prosperity in investments, thereby supporting the economic development of these nations, according to Bahrain News Agency.
The center, headquartered in Bahrain, is recognized as a regional arbitration authority operating autonomously from the Gulf states, including the host state. Despite its affiliation with the GCC, it maintains its distinct administrative, financial, and technical independence.
According to information on its website, the center is empowered to resolve trade and business disputes involving citizens of the GCC or disputes between them and individuals of different nationalities. This includes both regular individuals and corporate entities, provided that the conflicting parties have previously agreed to arbitration within the framework of the center.