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DOHA: Australia and Qatar are set to increase the level of mutual investments in the respective countries following an agreement signed between Qatar Chamber/Qatar International Center for Conciliation and Arbitration (QICCA) and the Australian Centre for International Commercial Arbitration (ACICA).
The ACICA-Qatar Chamber partnership has been welcomed by multinationals that operate in Qatar at a time when the Gulf State is experiencing rapid development and expansion in preparation for Qatar 2022.
ACICA President and Clayton Utz Head of Major Projects and International Arbitration, Professor Doug Jones, said: “The agreement recognises the demand in the Gulf region to opt for cost effective, legally binding resolution of disputes which may arise in cross border transactions.”
Many of the world’s leading international companies from industries such as insurance, building and construction, mining, oil and gas, shipping, banking and financial services are increasingly referring matters to arbitration to resolve commercial disputes.
“Underlying the arbitration process is the agreement allowing parties to negotiate aspects of the nominated process to resolve their dispute. Experience tells us this flexibility is an attractive component for parties who operate in the GCC region,” said Clayton.
President of the Committee for Conciliation and Arbitration and Board Member of the Qatar Chamber, Abdulrahman Abduljaleel Abdulghani, said: “The agreement will provide Australian and Qatari trade entities a risk minimisation strategy to ensure major projects are completed in a timely fashion, thus protecting and growing investments in both countries.”
Doha Bank opens Australia Branch
To capitalise on the business opportunities with Australia, Doha Bank has opened up an office in Sydney. This is the first time a bank from the GCC region has established its presence in Australia.
Head of the Doha Bank in Australia, Hilton Wood, said: “We wholeheartedly welcome this initiative as part of our range of cross-border solutions that will further encourage investment.”
The agreement, facilitated and supported by the New South Wales Government, comes just weeks ahead of the 8th World Congress of Chambers which will be hosted in Qatar.
A global community of more than 12,000 chambers of commerce will be congregating in Doha providing a unique opportunity for leaders from over 100 countries.
The Australian Ambassador to the UAE and Qatar, Pablo Kang said: “This is a timely opportunity for Australia. As corporations within this region seek increasingly to invest in Asia, international companies prefer to have their disputes heard in a neutral location.”
“Australia, through ACICA and its premier hearing facility, the Australian International Disputes Centre, is well placed to meet the growing demand for first rate, cost effective arbitration services,” Kang said.