11/12/2024
Under the Patronage of His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Minister of Commerce and Industry, Lusail University’s College of Law held the Second International Conference titled “The Legal and Commercial Framework for Foreign Investment in the GCC Countries” on Sunday.
The conference aimed to study the legal and commercial framework for foreign investment in the Gulf Cooperation Council (GCC) countries, in light of technological changes and contemporary economic challenges.
It highlighted several key areas, notably the legal and commercial procedures supporting foreign investment in the Gulf states. Discussions focused on both national and regional dimensions: the national dimension addressed incentives and domestic legislation that help attract investments, while the regional dimension focused on assessing the level of legislative integration among GCC countries in light of the economic agreements of 1981 and 2001.
Prof. Dr. Moulay Hicham Idrissi, Dean of the College of Law at Lusail University, stated that the conference discussed the legal and commercial frameworks related to foreign investment in the GCC, and examined the capacity to develop frameworks that enhance foreign investment within acceptable limits. The legislation and commercial arrangements of the GCC countries were studied and analyzed, whether as national laws regulating foreign capital investment in the domestic economy or as legal and commercial frameworks implementing the two GCC economic agreements.
Dr. Idrissi added that the conference also discussed incentives for non-national capital investment in the Gulf, the obstacles limiting its growth, and challenges posed by investment in relation to the protection of freedom of economic activity and intellectual property rights. The discussions also addressed GCC investment disputes in regular courts, arbitration, and other alternative mechanisms, with a focus on the speed and fairness of dispute resolution.
He noted that the outcomes and recommendations of the conference would be used to develop proposals aimed at improving the legislative and commercial systems in the GCC countries.
The conference is part of Lusail University’s efforts to advance research on legal and economic challenges in the Gulf region, reinforcing its role in establishing an attractive investment environment aligned with the national priorities of the GCC states.
Dr. Idrissi emphasized that the conference focused on legal and commercial measures for foreign investment along two dimensions: the first is national, concerning domestic arrangements and incentives for foreign investment; the second is regional, assessing the level and extent of legislative and investment integration resulting from the implementation of the 1981 and 2001 GCC Economic Agreements, which enable GCC citizens—whether individuals or legal entities—to engage in economic activities in other member states.
He explained that the importance of these two dimensions lies in defining the nature of investment in the Gulf, which includes both regional GCC investment and foreign investment. This raises questions about the potential conflicts or synergies between national and GCC laws, and highlights the strategic need for unified legal and commercial arrangements for foreign investment in the GCC, especially since some studies indicate obstacles and difficulties in establishing foreign investment at both Gulf and international levels, posing increasing challenges and affecting various operational aspects of foreign investment.
