Dubai – The Dubai International Arbitration Centre (DIAC) – an initiative by the Dubai Chamber of Commerce and Industry – organised the New UAE Arbitration Law 2018 Conference at the Dubai International Financial Centre today, as part of its efforts to support commercial arbitration in the Middle East and promote the exchange of knowledge and expertise in this vital sector.
The conference sought to introduce participants to the UAE’s new Arbitration Law, shedding light on the procedural and legal aspects of arbitration at the DIAC. The newly introduced law helps support the UAE’s business community, in addition to boosting the competitiveness of the national economy.
The attendees in the conference were Dr Habib Al Mulla, Chairman of the DIAC Board of Trustees, and Chairman at Baker & McKenzie.Habib Al Mulla; Prof. Dr Tarek F. Riad, Chairman of the DIAC Executive Committee, and Managing Partner at Kosheri, Rashed & Riad; along with several prominent lawyers and legal counsels, including: Mr. Mahmood Hussain, Founding Partner at Mahmood Hussain Law Firm; Mr Alain Farhad, Partner at Squire Patton Boggs (MEA) LLP; Mr Karim Nassif, Attorney at Law, and International Arbitrator Partner at LPA Middle East; Ms Celine Abi Habib Kanakri, Senior Counsel at Baker & McKenzie.
Habib Al Mulla; Ms Sally Kotb, Senior Associate at Baker & McKenzie. Habib Al Mulla; Mr Ahmed Ibrahim Partner at Fenwick Elliott LLP, Dubai; Mr Victor Leginsky, Independent Chartered Arbitrator at Arbitralis ADR Brokerage LLC; Mr Yasser El-Hawary, Managing Partner at AlHefeiti Advocates and Legal Consultants, Dubai; and Mr Adrian Cole, Partner at King & Spalding, Abu Dhabi.
In his welcome note, Dr Habib Al Mulla asserted that the UAE’s new arbitration law constitutes a positive development with potential to cement the UAE’s status as a prominent hub for commercial arbitration in the region.
The law reflects the UAE’s commitment to remain in the lead in conflict resolution in the Middle East and underlines its advanced international position in arbitration, he added, noting that it also enhances foreign and local consumers’ confidence in UAE laws, boosting the credibility of local arbitration procedures.
For his part, Dr Tarek Riad underlined the importance of organising the conference to introduce the audience to the new arbitration law. The new law stands out for being drafted according to international standards, Dr Riad noted, as well as for relying on special provisions for ratification and arbitration award annulment.
The “Centre for Commercial Conciliation and Arbitration” was founded in 1994 and is now called the “Dubai International Arbitration Centre.” It is a permanent, independent, non-profit organisation which aims to provide arbitration services and the settlement of trade disputes in local, regional and international business communities at reasonable prices. The Centre provides the latest facilities to ensure the quality of services rendered by arbitration and resolve disputes between commercial parties with the help of a team of international arbitrators who are familiar with international assets and approved arbitration procedures.