Manama, Mar.9 (BNA): Deputy President of the Supreme Judicial Council (SJC) and President of the Court of Cassation Shaikh Khalid bin Ali Al Khalifa, Minister of Justice, Islamic Affairs and Endowments Nawaf bin Mohammed Al-Maawda received a delegation from the Singapore International Arbitration Center (SIAC) headed by the CEO of the Center,. Gloria Lim during their visit to the Kingdom of Bahrain.
This official visit follows the meetings that took place in Singapore which aims to develop joint cooperation in the field of arbitration in order to respond to the demand of international trade by providing a suitable legal environment for resolving international commercial disputes.
The Deputy President of the Supreme Judicial Council (SJC) and Minister of Justice welcomed the Singaporean delegation, affirming the depth of the friendship between Bahrain-Singapore and the many cooperation that already exists in various fields which benefits the two countries and their peoples.
During the meeting, the two sides affirmed their commitment to develop further collaboration with Singapore in the field of international commercial disputes resolution, and in particularly arbitration. This can be achieved by building on the existing relations between the two countries and build a strong cooperation with the Singapore International Arbitration Center (SIAC).
They pointed out that the Bahraini legal structure reflects the best international practices in the rules and mechanisms relating to arbitration, particularly a specialist arbitration supervisory court which hears cases in English, if the language used in arbitration proceedings is English and the award’s value is 500,000 BDs and above.
This paves the way for the development of an international commercial arbitration industry in the Kingdom of Bahrain and developing a vibrant and attractive seat for regional and international dispute resolution.
The importance of international commercial arbitration was identified as a priority within the initiatives of access to justice.
This is due to clear understanding that arbitration and mediation are essential elements of an attractive investment environment. It also builds on Bahrain’s Economic Vision 2030 based on sustainability, fairness and competitiveness.
Source: Bahrain News Agency