Developing and strengthening commercial partnerships is a priority for hundreds of Asian companies that look forward to entering into new markets, notably in the Arab countries. Statistics indicate clearly a regular increase in the volume of commercial exchanges between Far East countries and the Arab world. Furthermore, Singapore has concluded a free trade agreement with the Gulf Co-operation Council (GCC) countries, which represents a very attractive and lucrative market for exports.
The GCC represents a regional union of six Arab states (Bahrain, Kuwait, Oman Qatar, Saudi Arabia and the United Arab Emirates). The high revenues of these countries, generated principally from natural resources such as oil and gas, have been invested in large infrastructure projects to modernize in a record time. Such projects are realised with the participation of hundreds of international companies and materialized by thousands of contracts and agreements which may last for many years.
For example, the State of Qatar, which will host the FIFA World Cup in 2022, has undertaken a comprehensive programme to build a subway, several new stadiums, expressways and roads, hotels, shopping malls, bridges, etc.
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Minas Khatchadourian is an international arbitrator and general counsel at the Qatar International Centre for Conciliation and Arbitration
