ABU DHABI, 26th July, 2017 (WAM) -- Abu Dhabi Global Market (ADGM) has announced the establishment of an arbitration hearing centre on Al Maryah Island by early 2018. This significant milestone augments the recent development and agreement with world-leading arbitral institution, the International Court of Arbitration of the International Chamber of Commerce (ICC Court), to launch its Middle East representative office in ADGM.
The ADGM Arbitration Centre will be equipped with state-of-the-art technology and hearing facilities, which will be available to all parties seeking to resolve their disputes through arbitration or mediation. The centre will also provide best in-class training in dispute resolution services. It is expected to be fully operational by the first quarter of 2018 in the Al Maqam Tower on Al Maryah Island. The ICC Court is the leading arbitral institution, with a long-standing and highly respected reputation as the benchmark for international dispute resolution. It has administered disputes in a total of 23,000 international commercial, business and investment arbitration cases since 1923, and is widely used in international transactions in the Middle East. The ICC Courts representative office is expected to become operational by January 2018. The local staff will in due course be able to accept the registration of arbitration cases under the ICC Rules, which will then be administered by one of the ICC Court Secretariats existing case management teams. ADGM stands out as a leader in the MENA region with its modern, pro-arbitration framework that has been modelled on the UNCITRAL Model Law. ADGM has made contemporary modifications and enhancements to the UNCITRAL Model Law to ensure it is a seat that reflects best international arbitration practice and to accommodate the needs of users in the MENA region. Sultan Al Badi, UAE Minister of Justice, said, "This is a very positive development for the UAEs strategy and vision aiming to promote the consolidation of the rule of law, and uphold the country's position as one of the strongest global leaders in international dispute resolution. The opening of this arbitration centre in Abu Dhabi Global Market and the decision of this world-leading arbitral institution to set up its MENA representative office in Abu Dhabi demonstrates the UAEs significant progress in realising its vision."Also commenting, Chancellor Yousuf Al Abri, Under-Secretary of Abu Dhabi Judicial Department, said, "The Judicial Department encourages ADGMs efforts to enhance Abu Dhabis international status as a global hub for business and investment. This is in line with the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, of closely working with other various entities in the Emirate of Abu Dhabi to raise the level of government performance to the highest international standards.""The Judicial Department is confident that ADGM will achieve through these developments local, regional and international business confidence in Abu Dhabis dispute resolution system. The Judicial Department is committed to placing its technical, professional and academic expertise to ensure that the ADGM Arbitration centre meets the highest standards in international commercial arbitration," he added.Copyright Emirates News Agency (WAM) 2017.
