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Professional arbitration key to strengthen UAE's investment environment, says minister of economy
Source: BI-ME , Author: BI-ME staff
Posted: Tue May 25, 2010 12:09 pm

UAE. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, inaugurated on Monday the Conference of “Draft Federal Law of  Arbitration“ organized by the International Islamic Center for Reconciliation and Arbitration with the participation of the Institute of Training and Judicial Studies and in cooperation with Dubai International Arbitration Center, Abu Dhabi Conciliation & Arbitration Center, at the Intercontinental Hotel, Abu Dhabi.

High-ranking judiciary members of the UAE including Justice Dr. Abdulwahab Abdoul, President of UAE Higher Court and other legal professionals attended the event.

In his opening Statement, Al Mansoori highlighted the importance of professional arbitration to boost investor confidence and strengthen the investment environment of the UAE. “Arbitration is one of the key instruments to resolve disputes amicably and thus enhance investor confidence in the economy’s fundamentals to support businesses. This Forum is a perfect fit to the UAE’s vision to match the investment and development vision of the country,” he said.

Mr Al Mansoori said the event sheds light on the advantages of the Draft Law of Arbitration. “Arbitration is of major importance in attracting investments and achieving the development and stability of the national economy. There are several aspects including easiness of choosing arbitrators, simplicity of procedures, confidentiality and maintaining friendly relations between the parties involved, all of which are crucial in building a solid framework for professional arbitration.”

He explained that the current focus of the UAE on professional arbitration practices is a testament to the evolution of the sector, and how it can complement the economic growth story of the country.

Dr. Mohamed Al Kamali Director General of ITJS, and Dr. Awn Al Junaibi , Director General of Abu Dhabi Conciliation & Arbitration Center, among others, addressed the gathering.

The first session was headed by Justice Dr. Abdulwahab Abdoul, President of UAE Higher Court. The second session highlighted the important procedures of the Draft law of Arbitration.Third session was headed by Ms. Maryam Al Swaidi, Vice Executive Director of Securities and Commodities Authority.

 

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