General Assembly of the Arab Union for International Arbitration on Sunday declared the establishment of 1st Arab court to arbitrate trade and investment legal disputes.
Ahmed Fathy Srur shall head this court.
Hassan Hammad will take office as the secretary general of the court.
And the prominent business magnate Mohammed Abul-Enein will assume responsibility as the court’s deputy head for the affairs of business community members.
The court shall consist of arbitration boards chosen by parties to the dispute, and in case of their failure the court’s staffers shall chose the umpires.
Establishing this court is considered a milestone as there are no such relevant courts in the Arab region.
The court’s members shall mainly be economists and men of law.
The formation of this court is being completed to choose the rest of its deputies, the advisory committee as well as the board of trustees.
The seat of this court shall be in Cairo as Egypt is a founding country for the Council of Economic Unity.
In the coming days, the court will announce the conditions in which litigants file lawsuits thereat as well as its rules for arbitration.
The court includes 10 chambers, one of them is pertinent to the economic and investment disputes among countries.
The other 9 chambers shall be entitled to settling disputes among individuals.
The representatives of the court in the Arab countries shall constitute its board of trustees.