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UAE arbitration centre adopts latest global rules

DUBAI, June 26, 2016

Emirates Maritime Arbitration Centre (Emac) has adopted advanced global arbitration rules and is implementing special fast-track arbitration rules to ensure speedy decision-making and less time, effort and cost for all parties involved.

The decisions were made during the Centre’s first official meeting at the Dubai International Financial Centre (DIFC) headed by Sir Anthony Colman in the presence of all Board Members.

The Board also agreed that the Centre would commence work soon under the supervision of prominent arbitrators and specialists to ensure objective, independent, and fair maritime arbitration.

The meeting also adopted Mediation Rules. In addition, the Board of Trustees approved well-researched fee scales for arbitration as well as for individual and corporate membership. Qualifying standards for maritime arbitrators, mediators and conciliators were ratified so as to ensure a highly professional and impartial environment in the UAE. This is in line with the Centre’s vision of ensuring complete freedom in choosing court laws and mechanisms that will enhance UAE’s ambition to become a competitive global maritime centre.

The meeting continued with approving the financial structure and strategy for 2016-2017 as well as the administrative policies and it noted the appointment of the executive committee. The Board of Trustees agreed on nominating Majid Obaid bin Bashir as the Secretary General. He will be responsible for setting the general policies, strategic plans, and administrative structure for the Centre. In addition Bin Bashir will oversee administrative activities to ensure a smooth working process. This will meet the need for a clearly regulated framework for maritime arbitration in the UAE and the Middle East.

Sir Anthony Colman, chairman of the Centre’s Board of Trustees, confirmed that all the essential elements for successful international maritime arbitration are now in place in the UAE, which is a party to the New York Convention on Recognition and Enforcement of Foreign Arbitration Awards.

He added that Dubai is making great strides in becoming one of the world’s top 10 global maritime centres in terms of both competitiveness and attractiveness, alongside cities such as New York, Rotterdam, Oslo and Singapore. He noted that approaching launch of the Emirates Maritime Arbitration Centre will mark a major milestone in the development of maritime dispute resolution facilities that will make the country one of the most advanced maritime bases in the world.

“We confidently look forward to further gaining the support of regional and international investors in our local maritime community, particularly by their use of Emac arbitration clauses in standard contract forms. With the Centre to begin to operate on the 25th of September 2016, maritime arbitration and mediation, with the active support of high-caliber international arbitrators and experts, will be readily available effectively and efficiently to resolve commercial maritime disputes,” he added. – TradeArabia News Service




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