The first general assembly of the Arab Union for Arbitration of Investment and Economic Disputes was held on Sunday in the presence of Egyptian Parliament Speaker Ali Abdel Aal, Minister of Investment and International Cooperation Sahar Nasr, and Justice Minister Hossam Abdel Rahim on behalf of Prime Minister Mostafa Madbouly, and Arab League Secretary General Ahmed Aboul Gheit, according to a press statement from the Ministry of Investment and International Cooperation.
Sameh Ashour, president of the Bar Association and chairperson of the Arab Union for Arbitration of Investment and Economic Disputes, said that a court of arbitration will be established in each Arab country, with a new academy that will offer various scientific degrees specialised in the field of arbitration and mediation, as well as related laws and subjects.
The union includes 14 Arab countries, and other Arab countries are expected to join soon, the statement noted.
Meanwhile, Abdel Aal said that the union opens an additional window to resolve regional and international disputes, and it creates a legal organisation capable of settling disputes for Arab investors and protecting their rights.
He pointed out that international trade and foreign investment flows have become major factors in boosting the economy, adding, “it is very important to address any problems that face investment and trade, so arbitration is important.”
Moreover, Abdel Rahim stressed the importance of a legal system that protects Arab investment, economic, and commercial activities, noting that the union will represent a foundation stone for the Arab nations’ advanced economies.
Nasr said that the union will resolve all disputes that may face Arab or foreign investors with advanced legal rules that comply with international rules.
“We are proud to witness well-experienced arbitration members at the Arab Union for Arbitration of Investment and Economic Disputes. All that we need is integrity,” said Nasr.
“Egypt has historically been an incubator of Arab energies on all levels, especially in the field of attracting investments. The new union will contribute to the development process as an important pillar of the ambitious economic reform programme, which pays great attention to legislative reform,” noted Nasr.
Nasr added that Egypt issued very important economic laws, which came as a result of constructive cooperation between the Egyptian Parliament and the government, noting, “the Ministry of Investment and International Cooperation has worked to activate all laws, move quickly with institutional and structural reforms, establish investor service centres using the latest technologies to facilitate procedures, and develop a comprehensive investment map.”
Mohammed Rabea, secretary general of the Council of Arab Economic Unity, said that the union is the beginning of protection for Arab investment and industry.