UAE Arbitration law set for year-end | Gulf News
The UAE expects to pass a draft federal arbitration law this year which will help boost investor confidence and strengthen the country's investment environment, Minister of Economy Sultan Bin Saeed Al Mansouri said here at a conference yesterday.
“Arbitration is of major importance in attracting investments and achieving the development and stability of the national economy,” Al Mansouri said.
“I do hope we will be able to pass it by the end of this year. We will try to move on it as fast as possible. It will help prevent accumulation of cases in courts,” he added.
“Arbitration is one of the key instruments to resolve disputes amicably and thus enhance investor confidence in the economy's fundamentals to support businesses.”
He said the country is in the process of developing about 14 regulations, which include a law on foreign investment, a companies law and a competition law.
The draft law addresses arbitration procedures, confidentiality, and the selection of arbitrators.
It will also cover Islamic arbitration and will be the first to govern arbitration and reconciliation procedures nationwide.
Both Dubai and Abu Dhabi have arbitration centres — the Dubai International Arbitration Centre and the Abu Dhabi Conciliation and Arbitration Centre — that deal with cases on an emirate level.
The draft federal law of arbitration is taking feedback from these centres as well as the International Islamic Centre for Reconciliation and Arbitration.
Australia’s position as an International arbitration centre to be enhanced – Deacons
The Australian position in relation to international arbitration has always been complicated by virtue of its federal system of laws which allows parties to choose to resolve their dispute “under arbitral laws other than in accordance with the internationally accepted Model Law on International Commercial Arbitration adopted by the United Nations Commission on International Trade Law (UNCITRAL).” This creates confusion and not insignificant legal difficulties concerning the interaction of different laws. Additionally, the finality sought by parties to an international arbitration is not always certain by virtue of the appeal/review powers contained in the State and Territory Commercial Arbitration Acts. As well, there has been in recent years a general concern about the trends surrounding the nature of international arbitration with the widespread view that arbitration has become too litigious with proceedings increasingly resembling those of a court. Such complications and trends had led many to believe that Australia was unlikely to establish itself as a major player in the field of international arbitrations. In light of a new Bill currently before Parliament, all of this could now change.
In an effort to counter such trends, overcome the difficulties with Australia's federal system and in a bid to promote Australia as a centre for international arbitration and dispute resolution, the International Arbitration Amendment Bill 2009 was introduced into Parliament on 25 November 2009, following the Commonwealth Government's year long review of international commercial arbitration in Australia.
via Legal update: Australia’s position as an International arbitration centre to be enhanced – Deacons.
HONG KONG: International arbitration comes home
Hong Kong is steadily gaining global recognition as an international arbitration centre for the Asia Pacific region, providing an ideal venue for speedy and reliable dispute solutions.
That’s a key message that Mr. Yan Lung Wong, Secretary of Justice of the Hong Kong SAR government, conveyed to federal Minister of Justice, Robert Nicholson, Chief Justice Beverley McLachlin and other senior judiciary, legal, business, academic figures and government officials during his three-day visit to Ottawa and Toronto last week.
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