تماشيا مع الرؤى الخليجية لتبسيط الإجراءات وتعزيز الكفاءة

Dr. Al-Hamad: Pioneering AI in Commercial Arbitration for Greater Productivity and Global Competitiveness

30 December 2023: Dr. Kamal bin Abdullah Al Hamad, the Secretary General of the GCC Commercial Arbitration Centre, stated that the Centre has initiated the development of a mechanism harnessing AI techniques. This initiative aims to enhance international commercial arbitration processes, aligning with the national visions of the Gulf Cooperation Council countries. It is in harmony with the prevailing trends of leveraging these technologies in digital transformation, fostering development across diverse sectors, and elevating service, productivity, and competitiveness standards.

In this context, Dr. Al-Hamad conducted a productive meeting with His Excellency Dr. Abdullah bin Sharaf Alghamdi, President of the Saudi Data and AI Authority (SDAIA). The discussion Centered around strengthening collaborative efforts to integrate modern technologies into the legal industry. They specifically delved into the notable advancements made in data analysis and the pursuit of more precise arbitration decisions through the adoption of legal programs and tools that emulate human intelligence. The incorporation of machine learning to enhance and simplify legal and arbitration processes was also a focal point.

The meeting also addressed the formulation of a collaborative mechanism aimed at crafting a legislative plan delineating the application of AI techniques in the field of arbitration and dispute resolution. This involves proposing legal regulations and technical standards for the identification of parties and evidence. Despite the challenges involved, there is a growing likelihood of witnessing increased adoption of technology and AI in international commercial arbitration in the forthcoming years. As these technologies advance, their efficiency and effectiveness are expected to improve, consequently enhancing the arbitration process.

Dr. Al Hamad expressed his appreciation for the instrumental role played by the Saudi Data and AI Authority (SDAIA), establishing itself as a specialized national authority in the Kingdom of Saudi Arabia for matters pertaining to data and AI. The authority is acknowledged for its dedication to organizing, developing, and facilitating the incorporation of new research and innovations in the data and artificial intelligence sector. These endeavors significantly contribute to expediting the integration of modern technologies throughout the entire region.

Dr. Al Hamad emphasized the imperative to train and equip arbitrators and professionals in the judiciary and settlement fields in the GCC countries to align with the demands of the contemporary era. He further highlighted a noteworthy statistic, stating that "92% of legal institutions and judicial bodies worldwide plan to increase their use of AI in legislative and legal case analysis in the upcoming year. Meanwhile, 68% of judicial institutions are already leveraging AI in their operations, according to a recent study by Lexis Nexis."

Dr. Al-Hamad underscored the substantial potential of artificial intelligence technologies, which have become pervasive across global sectors, to significantly enhance the efficiency and effectiveness of commercial arbitration processes in the GCC countries. He stated, "With the integration of AI into the arbitration industry, we have been proactive in aligning with developments and embracing smart technologies within the Centre's operations. This commitment is in response to the anticipated increase in spending on legal and judicial artificial intelligence tools, projected to reach approximately $37 billion globally by 2024."

Dr. Al Hamad elaborated on the capabilities of these artificial intelligence programs, emphasizing their role in simplifying workflows and improving their management. This, in turn, facilitates and accelerates operations within arbitration Centres. These technologies provide preliminary assessments of cases, filter straightforward matters before advancing to arbitration sessions, swiftly and effectively analyze evidence and statements, and extract patterns and trends to offer strategic insights for arbitrators in the decision-making process. Additionally, they contribute to drafting legal documents, providing interpretation services during hearings, utilizing data to anticipate judicial decisions, and assisting parties in decision-making, resulting in significant time and effort savings in the workplace.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.