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Qatar 'Ratifies' Singapore Convention on Mediation

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Qatar 'Ratifies' Singapore Convention on Mediation CORONAVIRUS IMPACT: Page 2 China pumps $79bn into economy with cut in cash reserve for banks Saturday, March 14, 2020 Rajab 19, 1441 AH POST-BREXIT TRADE: Page 12 Barnier shows GULF TIMES ‘ambitious’ draft UK deal to BUSINESS EU members Container traffic Qatar ‘ratifi es’ Singapore through Qatar’s ports rises 9.6% Convention on Mediation m-o-m in January By Santhosh V Perumal re-exports) were QR22.38bn. By Peter Alagos it is eff ectively the mediation version of Business Reporter In the case of total imports Business Reporter the New York Convention and, as such, (valued at cost insurance will give teeth to mediated agreements in and freight), it amounted to their own right across borders when rati- The overall container traff ic QR9.88bn. atar recently ratified the UN fi ed,” Sheikh Dr Thani said. through various ports in Qatar Mesaieed Port berthed Convention on International Qicca general counsel Dr Minas was 6.86mn tonnes at the end as many as 129 vessels in QSettlement Agreements Result- Khatchadourian said the Singapore Con- of January 2020, according to January 2020, which showed ing from Mediation, also known as the vention will make settlement agreements the off icial figures. a 8.5% decrease on yearly ‘Singapore Convention on Mediation’, arising out of mediations “easier to en- The net tonnage through basis; while it was up 4% according to the Qatar International force.” Qatar’s ports witnessed 46.5% month-on-month. The net Centre for Conciliation and Arbitration If a Singaporean party to a mediated shrinkage year-on-year; while tonnage through the port (Qicca). settlement has assets in Singapore or in it increased 9.6% month- stood at 1.71mn tonnes in the Qicca board member for International any other Convention country, then the on-month in January 2020, review period, which saw Relations Sheikh Dr Thani bin Ali al- other party, such as a Qatari enterprise said the figures released by 20.4% and 8% decline year- Thani said Qatar is the third state after may be able to enforce the settlement the Planning and Statistics on-year and on monthly basis. Singapore and Fiji to ratify the Conven- agreement in an expedited manner under Authority in its latest monthly Doha Port berthed 23 vessels tion, which was signed by 52 countries. the Convention, Khatchadourian pointed bulletin. this January, showing a In accordance with Article 14 (1), the out. The total number of vessels 64.3% surge year-on-year but Singapore Convention shall enter into Sheikh Dr Thani: Significant addition. Khatchadourian: Easier to enforce. “With the entrance of the Conven- calling on Qatar ports stood at registered a flat course month- force on September 12, 2020 (ie. six tion into application next September, the 452, which registered 40.5% on-month. The container months after deposit of the third instru- resolution of cross-border commercial be enforced in the same way as any other courts of signatory countries are expected and 2.4% decline respectively traff ic stood at 1.78mn tonnes, ment of ratifi cation, acceptance, approval disputes, as mediation is seen as not only contract. to handle applications — either to enforce on annual and monthly basis which more than tripled on or accession). a faster, less expensive form of dispute “In an international context, this can settlement agreements, or to allow a party respectively this January. a yearly basis and witnessed This Convention is a new multilateral resolution but also as more likely to pre- prove to be diffi cult, lengthy, and costly. to invoke the agreement to prove that the The off icial data was devoid a robust 57.8% surge on treaty developed by the UN Commission serve commercial relationships. As such, there has been limited incen- matter has already been resolved. of details regarding number monthly basis. on International Trade Law (Uncitral). In a statement to Gulf Times, Sheikh tive to use mediation in international “In short, the Singapore Convention of vessels and net tonnage Haloul Port saw as many The Convention provides a uniform, ef- Dr Thani said mediation has been gaining disputes as the New York Convention gives Qatari companies an additional rea- through Ras Laff an port in as five vessels berthed in fi cient framework for the recognition popularity worldwide for many years as already provides a ready framework for son to consider the role of mediation in an January 2020. January this year, registering and enforcement of mediated settlement an alternative mechanism to resolve com- enforcing arbitration awards in over 150 overall dispute resolution strategy, and in Hamad Port, which has seen 37.5% and 16.7% contraction agreements that resolve international, mercial disputes. countries. the event of a successful mediation, they the world’s largest shipping on yearly and monthly basis commercial disputes. However, he said this has had limited “The Singapore Convention is there- must structure their mediated settlement companies seek entry and respectively. The net tonnage The primary goal of the Convention is scope in cross-border disputes because fore a signifi cant addition to the interna- agreements to take full advantage of the growth in the Qatari and through the port was 503,000 to promote the use of mediation for the a settlement through mediation can only tional dispute enforcement framework as Convention,” he added. regional markets, berthed tonnes, which reported 38.3% 162 vessels in January 2020, and 19.7% decline year-on- which saw 17.4% growth and year and month-on-month 3.8% on yearly and monthly respectively. basis respectively. Al Ruwais Port had seen 133 SIIL shareholders approve company’s future plans The container traff ic through vessels berthed in January the port stood at 2.85mn 2020, which registered tonnes in January, which 24.4% and 13.6% shrinkage recorded 1.4% and 8.5% jump on yearly and monthly year-on-year and month-on- basis respectively. The net month respectively. tonnage through the port Hamad Port’s strategic was 20,000 tonnes, which geographical location off ers saw 41.5% and 14.9% fall year- opportunities to create cargo on year and month-on-month movement towards the upper respectively. Gulf, supporting countries Besides the usual handling of such as Kuwait and Iraq, general cargoes, the port is and south towards Oman, now handling the increased QTerminals chief executive demand of foodstuff and other Neville Bissett had earlier commodities. Al Ruwais port Salam International Investment (SIIL) held its ordinary general assembly meeting on March 11, wherein shareholders approved the company’s 2019 financial performance said. provides a ready solution and future plans. The general assembly also approved the renewal of its joint venture agreements with Salam Bounian, authorising the board to enter into joint ventures with In January 2020, total exports by acting as gateway for the sister company, in addition to holding their loans and issuing letters of credit and guarantees wherever necessary. The company reported net loss of QR129.6mn and it of goods (including exports of fresh commodities from was decided not to distribute any dividends for 2019. The general assembly also decided to appoint Ernst and Young as the auditors for 2020. goods of domestic origin and neighbouring countries. US ban on European travellers, oil price shock hit QSE performance By Santhosh V Perumal banking counters – this week which saw Trade turnover and volumes were on the (8.5%) and consumer goods (2.66%) this week transactions by 46% to 47,335. The transport Business Reporter Q-Chem, a joint venture of MPHC, plan to increase this week which saw 8,077 Doha Bank which saw Industries Qatar’s (IQ) parent entity sector’s trade volume almost quadrupled to enhance ethylene production by 7% by 2022 at sponsored QETF worth QR71,783 traded across Qatar Petroleum to acquire Yara’s 25% stake in 48.11mn equities and value more than tripled an estimated cost of QR391mn as part of its five- six deals. Qatar Fertiliser Company. to QR106.5mn on more than tripled deals to The Covid-2019 pandemic-led US’ ban on year master plan involving QR500mn capital Market capitalisation eroded 11.35% to Major losers included Ooredoo, IQ, QNB, Qatar 2,383. European travellers and the oil price shock had expenditure. QR461.26bn mainly dragged by large and Insurance, Vodafone Qatar, Nakilat, Milaha, The real estate sector’s trade volume more than their considerable influence on the Qatar Stock Notwithstanding the bullish outlook of both midcap segments this week which saw Baladna Commercial Bank, Qatar National Cement, QIIB, doubled to 304.21mn stocks and value doubled Exchange (QSE), which lost 1,079 points in key local and non-Qatari retail investors, the and Widam Food sign a partnership agreement Doha Bank, Qatar Islamic Bank, Qatar Electricity to QR234.54mn on 59% increase in transactions index and more than QR59bn in capitalisation 20-stock Qatar Index plunged 11.59% this week to supply the local market with veal meat for the and Water, GIS, MPHC and Qatar German to 6,543. this week. which saw Nakilat prepare to take on greater first time. Company for Medical Devices; even as Ezdan There was 96% surge in the industrials sector’s Foreign institutions were increasingly net ship management responsibilities in the and Qatar General Insurance and Reinsurance trade volume to 161.32mn shares, 25% in value to sellers this week which saw the QSE announce coming year and also eye potential business were seen gainers this week. QR265.93mn and 27% in deals to 8,246. rejig to its 20-stock Qatar Index whereby Al partnerships and collaborations to strengthen WEEKLY REVIEW Foreign institutions’ net profit booking The banks and financial services sector’s trade Meera Consumer Goods Company will replace its portfolio and generate positive returns for increased considerably to QR299.87mn against volume soared 83% to 192.17mn equities, value Gulf International Services (GIS), eff ective from shareholders.
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