CAIRO, June 25, 2018 (MENA) - The convocation of the first general assembly of the Arab Union of Arbitration for Investment and Economic Disputes is the first step for protecting Arab investments and industries, Secretary General of the Arab Economic Unity Council Mohamed Rabei said on Monday. Rabei lauded efforts exerted by Egyptian Investment and International Co-operation Minister Sahar Nasr to attract investments to Egypt and set up joint investments. The assembly, which convened Sunday under head of the Egyptian Bar Association Sameh Ashour, approved the statute of the union and the formation of a consultancy board under the chairmanship of House of Representatives Speaker Ali Abdel Aal. The union's main function will be solving disputes that may arise between businessmen, Arab and foreign investors, and institutions and companies from different countries, in accordance with international legal norms. The union's establishment is one of the most important steps taken by experienced arbitrators, lawyers and experts to resolve long-standing disputes outside the courts to support trade and investment in the Arab world. The Union, which was inaugurated last month, includes two chambers for the Arab court of arbitration; one for settlement of regional disputes and the other for settlement of international disputes. The Cairo-based union also includes a mediation chamber for small and medium-sized investments and a scientific academy that offers diploma, master's and doctoral degrees in arbitration. Till now, it includes 14 Arab countries.
