Legal expert: Arbitration laws in the UAE enhance international dispute settlement
Dubai, United Arab Emirates, Tuesday, 19 December, 2023:
Expert and legal advisor, Dr. Faisal Saeed Alhefeiti, confirmed that the United Arab Emirates has made great strides in developing the dispute settlement sector, building national capabilities in the field of arbitration, and increasing community awareness of arbitration and alternative means of resolving disputes.
Alhefeiti added that arbitration in the UAE has become a reliable and effective method for resolving disputes in a world where commercial disputes can arise quickly, while the UAE is famous for its dynamic investment scene and international trade activity.
He stated that this prompted the UAE to adopt arbitration as a powerful means of settling commercial disputes, while adopting global arbitration rules to keep pace with the requirements of the next stage and to suit the needs of the disputing parties, so that these new rules make a qualitative leap in the level of arbitration services provided to disputers in the UAE, the region, and the world.
Faisal Alhefeiti stressed that the Emirate of Dubai has succeeded in strengthening its position in the field of international arbitration through Dubai International Arbitration Center as a reliable reference for settling disputes locally, regionally and globally by upgrading and developing its services in a way that serves the UAE’s development process and enhances the competitiveness and excellence of the business environment.
Faisal Alhefeiti stated that as part of Dubai International Arbitration Center’s commitment to continuous development, and within the framework of its efforts to consolidate Dubai’s position as a global center for resolving disputes through alternative means, the Center launched new arbitration rules in 2022, which are in line with international best practices, keeping pace with the requirements of the next stage, and suit the needs of arbitration and business communities. The new rules represent a qualitative shift that enhances and improves the effectiveness of arbitration procedures.
Dubai International Arbitration Center is considered a center that enjoys legal personality and financial and administrative independence. The center’s objectives are to consolidate Dubai’s position as a reliable global center for resolving disputes through alternative means, and to enhance the center’s position as one of the best options for litigants to resolve their disputes efficiently and effectively by applying the best international practices in the field of managing dispute procedures of alternative means of resolving disputes in a way that serves the financial and business community and enhances the elements of excellence in the UAE.
Faisal Alhefeiti believes that this reflects Dubai’s commitment to transforming itself into one of the three most important economic cities in the world, in accordance with the goals of Dubai Economic Agenda (D33).
He stated that the UAE, with its relevant institutions, spares no effort to develop international arbitration in order to gain the confidence of customers, so it always concludes effective memorandums of understanding and agreements that aim to enhance strategic cooperation, including also developing the effectiveness of judicial procedures related to arbitration, exchanging experiences and knowledge, and supporting joint activities in the field of training and awareness about the importance of arbitration as an effective means of resolving disputes.
Faisal Alhefeiti revealed that these endeavors contributed to making Dubai among the top 10 centers for international arbitration in the world, alongside cities like London, Singapore, Hong Kong and Paris.
Dr. Faisal Alhefeiti: “The UAE has made great strides to strengthen its position in the field of international arbitration”. Read More