Jan 21 2009 |
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Dubai and UAE to see massive jump in arbitrations in 2009
Amidst the tightening grip of the global financial crisis, an arbitration focused seminar in Dubai this week indicated that the region is possibly on the brink of a massive increase in arbitration activity.Arbitration is a legal technique for dispute resolution outside of the court system, where the arbitrator(s) (who effectively act as judges) are selected by the parties themselves and by whose decision the parties in dispute agree to be bound. To date, arbitration has been a relatively underused option for settling disputes in the regional market due to court enforcement problems, distrust of the method and a paucity of local venues.
Ben Knowles, an international arbitration lawyer at Clyde & Co explained the recent change: "With regard to international investments there has been a move towards arbitration to resolve disputes over the last 10-15 years. That change has been less pronounced in the GCC but recent local developments such as the new DIAC [Dubai International Arbitration Centre] rules and the establishment of the DIFC-LCIA [Dubai International Financial Centre - London Court of International Arbitration] collaboration, in the current climate, are now contributing to an upswing towards arbitration as an option across the region."
The speakers at the Dubai seminar included Alec Emmerson, a dispute resolution specialist, member of the Chartered Institute of Arbitrators and a CEDR accredited mediator; Ben Knowles, who has recently completed a USD 10 billion arbitration on behalf of the Govt of Yemen; Sapna Jhangiani, a Dubai-based arbitration expert; and Mark Blanksby, a leading GCC construction lawyer.
Arbitration is seen to benefit companies in a number of ways: it allows for the appointment of highly technical industry specialists as arbitrators; it is often faster than court litigation; usually the outcomes are confidential as they are outside of a public court system; and awards can be easier to enforce in foreign jurisdictions. However the process also needs to be tightly managed and the company involved in the arbitration needs to be actively involved; they can't just take a passive role while lawyers debate issues.
Key messages of the Dubai seminar were to get early legal advice in order to develop the strategy for handling disputes whether in Dubai, the UAE or overseas, and that clients in Dubai have good arbitral institutions on their doorstep such as DIAC (Dubai International Arbitration Centre) and the DIFC-LCIA Arbitration Centre. Dubai-based arbitration also will also benefit from the UAE's accession to the New York Convention (for the enforcement of international awards) and the new DIFC Arbitration Law (based on the Uncitral Model Law) in the case of arbitrations in the DIFC".
-Ends-
Clyde & Co
:
Middle East:
Clyde & Co
is one of the major international law firms in the GCC with over 150 specialist lawyers and paralegals operating as a single unit from offices in Dubai and Abu Dhabi in the UAE, and in Doha, Qatar.
The firm was voted by the DCCG (Dubai Corporate Counsel Group) as the 'most innovative firm' in Dubai at the 2008 IFLR awards.
Clyde & Co , which has been ranked in 2008 as the top law firm in the UAE for the fourth successive year by the international legal directory 'Legal 500', is one of the few law firms in the region with a 'full service' capability and has particular strengths in aerospace, banking & finance, cross-border trade & investment, intellectual property, international arbitration, trade disputes, mergers & acquisitions, corporate & commercial law, shipping, insurance, media & telecommunications, energy, capital markets, real estate & construction, and technology.
International offices: Clyde & Co is a leading international law firm with over 1,200 employees worldwide. The firm has offices in Abu Dhabi, Caracas, Doha, Dubai, Guildford, Hong Kong, London, Moscow, Nantes, New York, Paris, Piraeus, Rio De Janeiro, San Francisco, Shanghai and Singapore and associate offices in Belgrade and St Petersburg. The firm also has an exclusive co-operation agreement with a major law office in Iraq.
For further information about
Clyde & Co
in the Middle East please contact
Clinton Swan - Business Development & Marketing Manager (Middle East Region)
Clyde & Co
Tel: +971 4 312 8568
clinton.swan@clydeco.ae
For further international information about
Clyde & Co
internationally please contact
Lisa Mercer - Head of Communications, London
Clyde & Co
Tel: +44 (0)20 7648 1981
lisa.mercer@clydeco.com
www.clydeco.com
© Press Release 2009
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Comments By Our Users (1)
Dispute resolution outside the court system, on the factual ground, is the fastest and least complicated method. For years, non-court resolution method and other alternative dispute resolution (ADR) have been deemed as the West's system of dispute resolution, but now we are seeing the clear appearance of ADR in the middle east, Asia and the Pacific.
Court system in UAE, Asia and other less developed region have been allegedly slow, complicated and even not fully free of corruption or graft, so ADR is the best way to solve dispute, especially investment, commerce, trade and business, very fast.
I am happy that Cambodia has adopted the commercial arbitration law and our government is on the favoring ground to this law and this system of dispute-resolution, like UAE.
It is unavoidable that ADR must fully work in UAE, Cambodia, as well as all other parts of the world, to smooth commercial activities and to liberalize trade.
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