The UAE maritime sector has teamed up with the government to promote the emirates as am arbitration destination.
The Emirates Maritime Arbitration Centre (EMAC) has partnered with the UAE Ministry of Economy to host a seminar bringing together the UAE’s arbitration and maritime sector following the introduction of the emirates’ new arbitration law.
H.E. Abdullah Sultan Alfan Alshamsi, assistant undersecretary, Ministry of Economy and head of the executive team of the Global Innovation Index, said that the UAE continues to enjoy a vital economic and continuously evolving business environment, which has reinforced its position as a major commercial and trade destination for the region. Mr Alshamsi highlighted the importance of issuing Federal Law No. 6 of 2018 on Arbitration as an important step towards improving the arbitration environment in the UAE as a legal way to solve commercial disputes. He pointed out the law has contributed to finding comprehensive and modern legislative support for arbitration rules in the country, which falls in line with the developments of international arbitration and creating a legislative framework to attract arbitrators and arbitral institutions to make the UAE a leading incubator in the field of international arbitration and in line with the latest international trends in this field.
Majid Obaid bin Bashir, Acting Chairman and Secretary General of EMAC, moderated said, ‘as part of the UAE’s government vision to continue building the UAE’s reputation to provide a stable legal framework to further boost investors’ confidence, we trust that the new Arbitration Law will further improve the efficiency of the arbitral process. He explained, ‘as EMAC aligns its processes to support these new laws, we believe that our alternative dispute resolution services will benefit the maritime sector at large. As we receive cases, we will continue to strive to share knowledge about how to best approach disputes through arbitration with EMAC.’