Al Jaida also acknowledged the role of the CEO of the QICDRC, Faisal Al Sahouti and the continued efforts made by the international courts to provide a world class legal environment for companies looking to set up through the QFC.
Laura Warren, Partner at Clyde and Co also welcomed the issuance of the new arbitration law, stating: "The New Qatar Arbitration Law brings considerable and welcome reform to arbitration in Qatar. Based on the UNCITRAL Model Law, it clarifies numerous positions including those relating to the enforcement and recognition of arbitral awards in the State and brings in the Court of the Qatar Financial Centre, together with the State courts, as supervisory bodies to provide guidance or assistance where required."
Mr Rashid Al Saad, Senior Partner and CEO at Sharq Law Firm and QFC Advisory Board member acknowledged the issuance of the new law stating: "Law no. (2) of 2017 regarding Arbitration in the Civil and Commercial matters is adopting the UNCITRAL Rules of Arbitration and it provides for an inclusive mechanism to the arbitration procedures starting from the arbitration agreement, appointing the arbitrators, process of arbitration, challenging the arbitral award and organizing the arbitration institutions' conduct of business. It is expecting that the Law would have a very positive and spectacular impact on settling disputes between investor and companies that choose to settle their disputes through arbitration as organized under Qatari law."
The UNCITRAL, a subsidiary body of the general assembly of the UN, was established in 1966 with the general mandate to further the progressive harmonisation and unification of the law of international trade.