The Arab commercial arbitration court will be based in Kuwait, the court's constituent assembly officially announced on Friday.

    The court headed by Sheikh Meshaal Malek Abdulaziz Al-Sabah will be the first of its kind at the Arab level, and the world's third, officials of the court's constituent assembly said at a news conference, adding that it will be tasked with settling commercial, investment and economic issues, Kuwait's official news agency KUNA reported.

    Sheikh Meshaal said that establishing the court is based on an Arab initiative aiming to ease the pressure on international arbitrators.

    He added that some Gulf and Arab institutions have paid hundreds of millions of dollars due to disputes that end without just rulings, KUNA reported. Establishing the rules of justice amongst disputants enhances confidence in the court's performance and raises its status on Arab and international scenes, he said.

Source: QNA