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First arbitration free zone launched in Bahrain
Bahrain has established the first arbitration Free Zone in the world for settlement of complex legal disputes.
Parties from across the world locked in disputes can bring forth their complaints to neutral arbitration panel, which operates under the newly established Bahrain Chamber of Dispute Resolution.
The chamber is an initiative of Justice and Islamic Affairs Ministry, in partnership with the American Arbitration Association and will be known as the BCDR-AAA, it has been announced.
The international disputes will be heard at the chamber, where parties involved agree to abide by the outcome, under any legal system chosen by the judge, said Justice and Islamic Affairs Minister, Shaikh Khalid bin Ali Al Khalifa.
“This is a significant world first and resolves an issue that has been a problem in other countries,” Al Khalifa pointed out.
Three conditions will be granted for the new free zone status to be used by the disputed parties. Both parties will have to agree to resort to international arbitration judiciary of their choice.
Speaking during a Press Conference, Al Khalifa said Bahrain has resorted to bring in the latest solutions in global alternative dispute resolutions to the region.
The BCDR-AAA will offer users, including legal community in Bahrain, multi-nationals and international legal firms, and governments contracting in the Gulf and beyond, with a purpose-built solution for rapid, effective resolution of commercial disputes.
The move aims to offer additional benefits to commercial, banking and financial service sectors in Bahrain, which forms a long-established hub within the region.
Sheikh Khalid also emphasized that the chamber was a major aspect of Bahrain’s Vision 2030 and National Economic Strategy and will help in developing legal services in Bahrain.
It will stimulate economic trade and further enhance Bahrain’s international business and legal credentials, he added.
The Chamber will be delivered in complete partnership with legal and commercial communities particularly Bahrain’s highly regarded legal profession.
One of the most eminent lawyers and arbitrators in Bahrain, Shaikha Haya, also the former President of United Nations General Assembly, said that the first court cases will be transferred to the chamber within weeks.
The mission of the chamber is the most significant and essential aspect of the efforts made to achieve a solid legal base that offers alternative means for dispute resolution, she said.
A Bahrain-based partner, Clive Hopewell, and Head of Middle East for international law firm, Charles Russell LLP, said that with the launch of BCDR-AAA Bahrain is once more confirming the reliability of the business environment of Bahrain.
The Chamber will have an impact throughout the region, and will be a welcome addition to the business community of the wider region, it is said.
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