Abu Dhabi, 10 April 2017

The Ministry of Finance (MoF), held today a meeting for mediators and arbitrators selected to join International Centre for Settlement of Investment Disputes (ICSID)-affiliated with the World Bank. The meeting, which took place in the Ministry’s premises in Abu Dhabi, is in line with MoF’s strategy to enhance its relations and partnerships with the international institutions and develop its human resources, particularly in areas of investments disputes and arbitration in the UAE.

The meeting was held in the presence of HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; HE Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations at MoF and a number of the Ministry’s official.

HE Younis Haji Al Khoori stressed MoF’s commitment to strengthen the UAE’s role in maximising benefit from its membership to ICSD, to promote international investments through facilities for conciliation and arbitration of international investment disputes between foreign investors and the host country. HE Al Khoori said: “MoF continues its effort to enhance its strategic partnership network with regional and international institutions, to further enhance the UAE’s position as an attractive investment hub.”

HE Al Khoori added: “The UAE pays special attention to capacity -building for nationals in regional and global organisations. The Ministry of Finance works closely with these organisations to train national candidates and empower their capabilities, particularly in settling investment disputes. The Ministry is also committed to strengthen the role of arbitrators and the arbitration centres in the country, for their key role in protecting and attracting investments.”

The meeting offered a general overview of ICSID, which was established in 1966 to settle investment disputes. The meeting also discussed ICSID’s organisational structure, its objectives and services, including settling disputes, arbitration, reconciliation and case studies.

The UAE joined ICSID in 1993, following the Federal decree No. 43 of 1993. The membership is a result of ICSID’s status as a leading global institution specialised in settling disputing related to international investment, and with an objective to develop its national resources in settling disputes related to investment, laws and contracts.

-End-

Mary Khamasmieh/ Mira Assaf/ Mirna Hammoud         
Weber Shandwick 
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© Press Release 2017