Qatar to issue new law for arbitration soon: Minister.

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Satyendra Pathak Doha Qatar will soon issue a new arbitration law

to keep pace with international standards for settling commercial

disputes, Minister of Justice HE Hassan bin Lahdan al Mohannadi said on

Tuesday. Addressing the second World Conference on International

Arbitration in Doha, Mohannadi said a new draft law was being prepared

to update the 1990-law that currently regulates arbitration in civil and

commercial matters in the country. Acknowledging that arbitration is

playing a vital role as an alternative dispute resolution mechanism at

both local and international levels, the minister said the new law would

have provisions for speedy and cost-effective settlement of commercial

disputes. The new law will match international standards as set by the

United Nations Commission on International Trade Law, the minister said,

adding that rules and regulations concerning arbitration will be made

simpler to make Qatar an ideal destination for investment in the Middle

East. The new law will also take into consideration the international

treaties to protect the rights of Qatari investors abroad, Mohannadi

said. At the practical level, he said, Qatar has made tangible

achievements in the field of arbitration as a number of disputes have

been settled amicably by Doha-based Qatar International Centre for

Conciliation and Arbitration and Qatar Financial Centre. Talking to

Qatar Tribune on the sidelines of the conference, Qatar Chamber

Counsellor Minas Khatchadourian said that key changes to the rules

governing arbitration procedures in the new law would remove bottlenecks

that undermine arbitration practice in Qatar. Qatar's rapidly

expanding construction sector is prone to commercial disputes due to the

risks involved and the amount of investment at stake, he said, adding

that the legislative reform is much needed to create an ideal atmosphere

for international investments in the country. One could expect a

remarkable rise in Qatar's in-bound investment volume after the law

comes into existence, Khatchadourian added. "The new law will

enhance Qatar's image as a credible venue for international

commercial arbitration among the GCC countries," he said. Speaking

at the conference, Qatar International Centre for Conciliation and

Arbitration member Sheikh Thani bin Ali al Thani said the time is ripe

for GCC countries to make necessary changes in their laws to create a

promising investment environment in the region. He said,"The need

for legislative reform and modernisation has grown in Qatar as the

country has recently experienced a significant boom in its