Arbitration In Times of Economic Uncertainty: The Role of Qatar Financial Center’s Jurisprudence in Shaping International Arbitration Principles

Abstract

The framework applicable to international arbitration is notably very liberal, as are the criteria of internationality embraced by both academia and practice. However, the utilization of this form of transactional justice provides tangible benefits, such as alleviating the burden on national courts, expediting the delivery of justice, establishing a body of international arbitration jurisprudence, flexibly securing commercial law at both national and international levels, and more. It's quite likely that these developmental aspects have facilitated the growth of alternative dispute resolution methods as we are currently witnessing. Moreover, it can be asserted that the conjunctural uncertainties that the legal world must contend with encourage the resort to arbitration. In fact, periods of uncertainty prompt economic entities to align themselves with familiar and protective arbitral frameworks that serve their interests. This circumstance appears particularly prominent in economies closely tied to the oil sector, such as those found in the Gulf monarchies. Consequently, this paper aims to demonstrate for the first time in scientific literature that, given their structural and cyclical fundamentals, the Gulf monarchies have become preferred venues for arbitration. In this context, the jurisprudence actively developed by Qatar's National Arbitration Center (QFC-QICDRC) and established by Law No. 7 of 2005 in accordance with Law No. 2 of 2017, also known as the "National Arbitration Law", holds significant importance in comprehending the mechanics of a legally prominent and effective practice: International arbitration.