Dr. Kamal Al Hamad, Secretary General of the GCC Commercial Arbitration Centre, championed the evolution of commercial arbitration laws and frameworks to align with environmental, social, and governance (ESG) standards. Stressing the significance of this paradigm shift, he highlighted its pivotal role in motivating companies, institutions, and business entities to embrace ESG standards.

This was stated by Dr. Al-Hamad during the inaugural First International Conference on Environmental, Social, and Governance (ESG) in Al-Khobar, Saudi Arabia, in collaboration with the GCC Commercial Arbitration Centre. He underscored the impact on attracting global investments to the Gulf region, noting that investors increasingly favored countries adhering to ESG standards, thereby enhancing the Gulf's appeal as a destination for their investments.

The event, attended by key sectors including oil and gas, energy, utilities, financial services, manufacturing, petrochemicals, aimed to facilitate discussions on the seamless integration of ESG practices across diverse economic sectors.

In his speech, Dr. Al Hamad said, "A worldwide shift is underway towards embracing concepts like zero carbon neutrality, circular economy, and green finance. In the field of commercial arbitration, it is imperative that we exert our utmost effort to align with this prevailing trend. We must adapt to the evolving demands imposed by the changing nature of contracts and collaborative ventures between private sector companies and governments alike."

Dr. Al Hamad emphasized that commercial arbitration serves as a catalyst for instilling ethical and responsible practices in business. Acting as a neutral and independent platform for resolving commercial disputes, it plays a pivotal role in bolstering investor confidence. This confidence, in turn, acts as a motivator for the adoption of sustainability and social responsibility standards. By preserving the rights of all involved parties, commercial arbitration fosters trust in the legal and commercial system and stands as an effective tool for achieving justice and cultivating an environment conducive to sustainable and responsible investments.

Dr. Al-Hamad added: "The Gulf region has successfully carved out a prominent position as an advanced regional Centre, attracting viable investments and facilitating prosperous business ventures. To sustain this momentum and uphold high levels of comprehensive and sustainable development, there is a critical need to reinforce it with flexible and advanced arbitration laws and procedures."

Dr. Al-Hamad underscored the relentless commitment of the GCC Commercial Arbitration Centre to fortify the positive reputation of the Gulf justice environment. This commitment is demonstrated through ongoing efforts to improve arbitration practices, boost alternative dispute resolution mechanisms in the region, streamline business operations in the Gulf, and offer innovative solutions for settling commercial disputes in the investment environment.

For more information, please contact the Corporate Communications Department: 17278017 00973 - Email: press@gcccac.org