GCC commercial arbitration center plans main office in Kuwait

The GCC Commercial Arbitration Center has revealed its intention to open its main office in Kuwait. The decision was brought about as a result of the presence of "a supportive legal structure" in Kuwait, Secretary General Ahmed Najim said in a statement. Agreement has already been reached between the Kuwaiti government and the centre, with all constitutional tools necessary for the move completed in a law issued in 2013, he added. The centre's board of directors had met with His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah last week, during which the premier had welcomed the plans and pledged Kuwait's complete administrative and financial support of the move. Basing the centre in Kuwait will ease its coordination with state economic legal and regulatory in the country like the Fatwa and Legislation Department, the Kuwait Chamber of Commerce and Industry and the Kuwait Direct Investment Promotion Authority, he said. The move will also aid attracting direct and indirect investments in Kuwait, the prime minister added.