The UAE expects to pass a draft federal arbitration law this year which will help boost investor confidence and strengthen the country's investment environment, Minister of Economy Sultan Bin Saeed Al Mansouri said here at a conference yesterday.
“Arbitration is of major importance in attracting investments and achieving the development and stability of the national economy,” Al Mansouri said.
“I do hope we will be able to pass it by the end of this year. We will try to move on it as fast as possible. It will help prevent accumulation of cases in courts,” he added.
“Arbitration is one of the key instruments to resolve disputes amicably and thus enhance investor confidence in the economy's fundamentals to support businesses.”
He said the country is in the process of developing about 14 regulations, which include a law on foreign investment, a companies law and a competition law.
The draft law addresses arbitration procedures, confidentiality, and the selection of arbitrators.
It will also cover Islamic arbitration and will be the first to govern arbitration and reconciliation procedures nationwide.
Both Dubai and Abu Dhabi have arbitration centres — the Dubai International Arbitration Centre and the Abu Dhabi Conciliation and Arbitration Centre — that deal with cases on an emirate level.
The draft federal law of arbitration is taking feedback from these centres as well as the International Islamic Centre for Reconciliation and Arbitration.
