A high-profile arbitration centre specialised in settling trade disputes more quickly was yesterday given the green light by Bahrain's Cabinet.

The Cabinet approved the initiative during a session chaired by Prime Minister Shaikh Khalifa bin Salman Al Khalifa at Gudaibiya Palace.

The new panel will be named the Bahrain Chamber for Settling Economic, Financial and Investment Disputes.

"It will be legally authorised to deal with disputes exceeding BD500,000," Cabinet Affairs Minister Shaikh Ahmed bin Ateyatala Al Khalifa said.

Such disputes are initially lodged with courts or any other specialised judicial body in Bahrain.

It would be authorised to deal with disputes concerning financial institutions licensed under the law governing the Central Bank of Bahrain.

It will also have authority to deal with disputes between CBB-licensed institutions and other enterprises or individuals.

The new chamber will also arbitrate international trade disputes when a party in the case or the bulk of his commercial activities is based outside Bahrain.

The Cabinet commissioned the legal committee to scrutinise the law further before being submitted to the legislative authority.

"The move is part of efforts to cater to the needs of the commercial sector and speed up dispute settlement through flexible procedures," Shaikh Ahmed said. -TradeArabia News Service