Qatar Financial Center Welcomes New Arbitration Law

Doha, March 20 (QNA) - Qatar Financial Center (QFC) Authority senior executives welcomed the new arbitration 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. Commenting on its issuance, QFC Authority CEO Yousuf Mohamed Al Jaida said "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." The New Qatar Arbitration Law is 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. (QNA)