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FINANCIAL NEWS
UAE to pass arbitration law by year-end
25 May 2010
(MENAFN) UAE Minister of Economy Sultan Bin Saeed Al Mansouri said recently that the country is expected to pass a draft federal arbitration law this year which will help improve investor confidence and strengthen the country’s investment environment, Gulf News reported,
Al Mansouri said that 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.
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