Abu Dhabi financial hub reveals new disputes body

A man stands outside the Abu Dhabi Islamic Bank in Doha, in this June 6, 2017 photo. (AFP)

LONDON: Abu Dhabi Global Market said it would open an arbitration center on Al Maryah Island by early 2018 as it seeks to establish an international financial hub in the UAE capital.
It comes as the country awaits the enactment of a UAE Federal Law on Arbitration later this year.
The planned opening represents a major milestone in the free zone’s efforts to attract big international financial names to the city.
It follows an agreement with the International Court of Arbitration of the International Chamber of Commerce (ICC Court), to launch its Middle East representative office on Al Maryah Island.
ADGM said the new center would 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 center is expected to be fully operational by the first quarter of 2018 and is to be based in Al Maqam Tower on Al Maryah Island.
Arbitration is a form of a dispute resolution that is sometimes used by companies to resolve rows that could otherwise involve more costly legal proceedings.
It is often used in the construction and maritime industry to resolve rows.
The ICC Court is a leading dispute resolution body and is widely used in international transactions in the Middle East.
“This is a very positive development for the UAE’s 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,” said Sultan Al Badi, UAE Minister of Justice.
ADGM said that the ICC Court’s representative office is expected to become operational by January 2018.
Local and international law firms welcomed the arrival of the arbitration center in the capital and expect there to be significant local demand despite the existence of other arbitration centers in the neighboring emirate of Dubai.
“In ADGM, users of arbitration in the region now have the option of a top-quality arbitration venue,” said Alex Bevan, partner in Shearman & Sterling’s International Arbitration Group and head of the firm’s Abu Dhabi office.
Essam Al Tamimi, senior partner at Al Tamimi & Company, added: “The establishment of the ADGM Arbitration Center, as well as the establishment of the ICC representative office, constitute a tremendous vote of confidence in the UAE as a leading seat for international arbitration in the region and globally.