UAE must produce a better arbitration law: Al Tamimi
A legal office yesterday urged the UAE to draw up what it described as a "world-class arbitration law" saying that the draft of an existing one does not provide the business operations security that foreign investors are looking for.
"There was a strong consensus to the effect that the UAE ought to consult widely in an effort to produce a world-class arbitration law surpassing all others in the region and beyond," said Al Tamimi & Company Advocates and Legal Consultants.
In a statement, Al Tamimi said a draft of the arbitration law was taken up in the recent Middle East New York Convention Roundtable, a discussion it hosted and brought together regional and international legal experts to assess how the arbitration awards, made possible by the 1958 New York Convention, are being implemented in the Middle East.
Under the Convention, which the UAE agreed to apply in November 2006, commercial arbitration awards ? decisions emanating from the amicable settlement of conflicts between two or more business firms in a member economy without the high cost of legal proceedings ? made in the UAE can now be directly enforced in 142 member-countries. In return, foreign awards can also be enforced through the UAE courts.
Earlier, the Dubai International Arbitration Centre said the UAE joined 137 other nations in June 2006 as member of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards as it ratified the New York Convention. This means the enforcement of arbitral decisions in all member-states.
"This would mean a wider number of countries benefiting from reciprocity, as arbitration awards issued in the UAE would become directly enforceable in the territory of other member states and vice versa," DIAC said on its web site. via Khaleej Times
"There was a strong consensus to the effect that the UAE ought to consult widely in an effort to produce a world-class arbitration law surpassing all others in the region and beyond," said Al Tamimi & Company Advocates and Legal Consultants.
In a statement, Al Tamimi said a draft of the arbitration law was taken up in the recent Middle East New York Convention Roundtable, a discussion it hosted and brought together regional and international legal experts to assess how the arbitration awards, made possible by the 1958 New York Convention, are being implemented in the Middle East.
Under the Convention, which the UAE agreed to apply in November 2006, commercial arbitration awards ? decisions emanating from the amicable settlement of conflicts between two or more business firms in a member economy without the high cost of legal proceedings ? made in the UAE can now be directly enforced in 142 member-countries. In return, foreign awards can also be enforced through the UAE courts.
Earlier, the Dubai International Arbitration Centre said the UAE joined 137 other nations in June 2006 as member of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards as it ratified the New York Convention. This means the enforcement of arbitral decisions in all member-states.
"This would mean a wider number of countries benefiting from reciprocity, as arbitration awards issued in the UAE would become directly enforceable in the territory of other member states and vice versa," DIAC said on its web site. via Khaleej Times
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