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UAE: Experts discuss importance of arbitration in enhancing economic environment

Sharjah International Commercial Arbitration Centre ‘Tahkeem’ organises panel discussion as part of Dubai Arbitration Week

Sharjah International Commercial Arbitration Centre ‘Tahkeem’ organised a panel discussion titled ‘Horses for Courses’ as part of the fourth edition of Dubai Arbitration Week 2022. The discussion was centred around arbitration and its importance in enhancing the economic environment of the country, as well as a discussion on the important practices followed in the field of arbitration.

The session was attended by Dr Asma Al Rasheed, executive committee member at Tahkeem; Mohieeldin Elbana, founder and CEO of Qaf Legal; and Robert Sliwinski, counsel with Al Suwaidi & Company.

The session started with an introductory presentation about the Sharjah International Commercial Arbitration Centre. The presentation included an introduction to the working mechanisms and nuances seen in arbitration cases, the quality of services provided by the centre in line with modern international arbitration standards, and the importance of arbitration in promoting economic stability, increasing investment in the country, and ensuring a safe and exemplary investment environment.

The panel discussed and analysed a wide range of topics, including best practices in the arbitration industry both locally and internationally, types of cases routinely entertained by arbitrators, and efficiencies of the arbitration process. Differences between the administrative process for cases taken up by local courts compared to arbitration institutions were also elaborated upon.

Participants of the session stressed that the option of resorting to arbitration centres instead of courts has recently gained popularity, preferred by many investors and owners of large companies due to the many advantages and facilities provided to them through arbitration. Panellists provided examples of disputes that had been resolved through arbitration and highlighted the role of arbitrators during the process. The scope of arbitrator powers to intervene in the procedures followed in arbitration in various cases and disputes were additionally discussed.

Dubai Arbitration Week is among the region’s principal annual events concerned with showcasing and discussing the most important specialised niche topics related to arbitration at the local and international levels. The week-long event highlights the effectiveness, flexibility, and impact on the business landscape of vital laws related to arbitration, and how these laws contribute heavily to continuous and sustained growth of the business sector locally.