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Oman to set up commercial arbitration centre
September 1, 2015 | 8:49 PM
by Mohammed Fahmi Rajab/Said Al Hashmi
The Sultanate will be announcing the plans for a commercial arbitration centre at the beginning of next year for the assistance of foreign investors. Photo -Times of Oman files
 
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Muscat: Oman plans to establish a centre for commercial arbitration, which will be announced at the beginning of next year. The establishment of the Commercial Arbitration Centre would reassure foreign investors in case they plan to invest in the Sultanate.

Speaking to Al Shabiba, the sister publication of the Times of Oman, Ridha bin Juma Al Saleh, OCCI vice chairman for administrative and financial affairs and chairman of Financial Banking and Insurance Sector Committee, revealed that the Sultanate will be announcing the plans for the centre at the beginning of next year for the assistance of foreign investors.

“The centre would also reduce the time for litigation spent by parties as the terms of commercial arbitration stipulated settlement of the case is within six months. We have studied all regulations of the arbitration centres in the countries of the region in order to benefit from their expertise,” said Al Saleh.

“We are in the final stages of preparation of the regulations of Oman’s arbitration centre and we expect to celebrate its launch at the beginning of next year. There is already an initial agreement between the parties concerned in the Sultanate. They have agreed that the centre would be under the supervision of the Oman Chamber of Commerce and Industry,” he said.



He also said that the companies are not obligated to refer to a specific arbitration centre and the parties for arbitration may refer to any arbitration centre even if it is outside the Sultanate.

However, The Oman centre has to gain the confidence of companies within and outside the Sultanate. It would save parties the cost of referring cases to any centre outside the Sultanate.



He said that Oman had well-qualified arbitrators and they are registered with the Ministry of Justice in addition to the arbitrators of countries in the region. The Oman centre will be based in Muscat and branches of the centre could be established in the governorates in the future.

The centre will have an independent management and board of directors.

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