Muscat: On Sunday, the Oman Chamber of Commerce and Industry (OCCI), in partnership with the Oman Commercial Arbitration Centre, hosted a symposium focused on commercial arbitration in banking, insurance, and finance contracts.
The symposium underscored the vital importance of mediation and arbitration in resolving disputes associated with these contracts. Additionally, the event showcased their essential role in cultivating an appealing business environment and establishing a secure, transparent investment climate that assures investors of prompt and equitable dispute resolution mechanisms.
The event was conducted under the patronage of Dr. Abdullah Mohammed Al Saidi, the Minister of Justice and Legal Affairs, and was graced by the presence of Faisal Abdullah Al Rowas, the Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI).
During the symposium, it was revealed that Oman will be the host for the "Muscat Arbitration Days" conference, organized by the Oman Commercial Arbitration Centre, scheduled for December 2-4 at the St. Regis Al Mouj Muscat.
The symposium included various presentations addressing the realities and challenges of arbitration in banking disputes, arbitration within the banking sector, arbitration in insurance during global crises, and the significance of arbitration in banking and insurance contracts.
A discussion session at the symposium confirmed that establishing a comprehensive arbitration system is a crucial foundation for ensuring a stable business environment and enhancing the competitiveness of the national economy. It also tackled the most pressing challenges in resolving disputes in banking, insurance, and finance contracts.
