In light of its keenness to enhance the UAE’s role in settling investment disputes internationally, the Ministry of Finance recently organized a virtual introductory workshop on the International Center for Settlement of Investment Disputes (ICSID), in cooperation with the Dubai Chamber and the ICSID. The workshop introduced the ICSID’s procedures and services, and clarified its relationship with the UAE’s business community and its importance with regards to its investments abroad.
H.E. Younis Haji El Khoori, Undersecretary of the Ministry of Finance, Dr. Ahmed Hassan Mohammed Bin Al Shaikh, Chairmanof the Board of Trustees of the Dubai International Arbitration Centre, Paul-Jean Le Cannu, Team Leader and Legal Counsel at ICSID, Randi Ayman, Legal Counsel at the ICSID, in addition to a number of legal members, businesspeople, and local governments and state institutions representatives attended the workshop.
H.E. Younis Haji Al Khoori praised the constructive cooperation between the UAE and the ICSID, and in its role in resolving disputes between investors, noting that the UAE signed 96 bilateral investment treaties since 1987, where 86 of them have been ratified, and that the country is primarily immune to conflict issues thanks to its negotiating team.
H.E. said: “The Ministry of Finance is keen on strengthening the UAE’s strategic partnerships with regional and international organisations, especially the ICSID, to develop and qualify national capabilities in settling investment disputes, laws and contracts, so as to contribute to raising the country's competitive position and creating an attractive investment environment.”
Paul-Jean Le Cannu and Randi Ayman provided an overview of the ICSID, its objective and services, and outlined the steps that must be taken to file a claim with the centre. A Q&A also took place at the end of the workshop where participants were given the opportunity to have their questions answered by specialists.
The UAE joined the ICSID membership in 1993 under Federal Decree No. 43 of 1993, given the status of the Centre as a leading international institution for settling disputes related to international investment issues.
© Press Release 2020