Ambassador of Greece to Kuwait and Bahrain, H.E. Konstantinos Piperigos, in a visit to Bahrain last week, called on the Secretary General of the Gulf Cooperation Council Commercial Arbitration Center (GCCCAC) Tareq Al Shumaimry.
Commenting on his visit, Ambassador Piperigos said that he was impressed by the activities of the GCCCAC and its impact on the cohesion of the GCC. He pointed out that the arbitration mechanism was used by a growing number of companies and entities, contributing to the establishment of a common economic environment in the Gulf.
The ambassador also endorsed the quality of training facilities at the centre and hoped to find synergies between Greece and the GCC in this field.
For his part, Al Shumaimry, elaborated the center’s work and accomplishments since its establishment in March 1995, saying that it was set up under an international agreement between the GCC leaders, and declared during a GCC summit in Riyadh in 1993.
He also expounded the arbitration center’s activities and services offered to customers, as well as the commercial conflict resolution mechanisms involved.
The Centre is considered a regional arbitration authority which is independent from the six GCC member states, including the host state. It has an independent legal entity and enjoys administrative, financial and technical independence. The center is considered one of the GCC organs.
In addition, the confidence that the center has enjoyed in legal and commercial circles since its establishment, and the spread of the culture of arbitration through the programs, training courses, forums and conferences arranged by the center, have seen activities at the center increase significantly over the years.
The Centre regularly welcomes members from the diplomatic fraternity from all over the world to brief them about the activities, and on the possibilities of joint cooperation agreements between various member states.