Dubai International Arbitration Centre signs a Cooperation Agreement with Malta Arbitration Centre.
Dubai International Arbitration Centre signs a Cooperation Agreement with Malta Arbitration Centre
The agreement promotes the use of Arbitration and ADR in Solving Commercial Disputes
Dubai International Arbitration Centre (DIAC) signed on Monday a Cooperation Agreement with Malta Arbitration Centre to offer the best arbitration services to the business communities in both Dubai and Malta.
Dr. Habib Al Mulla, Vice Chairman, Dubai International Arbitration Centre Board of Trustees, and HE Anthony Tabone, Consul General for Malta in Dubai, signed the agreement at Dubai Chamber's premises as the two agreed to work jointly to strengthen the cooperation in the Arbitration field.
Both parties agreed to provide all the necessary assistance needed in identifying arbitrators, mediators or conciliator as well as appointing experts or assessors as appropriate for the resolution of disputes. The articles of cooperation included providing facilities and support services so that each signatory may fulfill its obligations with respect to any party wishing to utilize the services of the parties to the agreement. DIAC and MAC agreed also to share information and assist each other in publications, advices and other matters related to dispute resolutions in general.
Commenting on the agreement, Al Mulla said:" The agreement signals a new era of effective cooperation between Dubai International Arbitration Centre and Malta Arbitration Centre."
Al Mulla pointed out to the pioneering role of MAC in arbitration adding that the exchange of experiences on Alternate dispute resolutions and arbitration services with DIAC will be of mutual benefit to both parties. Al Mulla added that a healthy business environment in Dubai requires a solid arbitration system that spreads confidence amongst investors through the use of quick and cost effective methods such as arbitration, mediation and conciliation.
Dr. Hussam Talhuni, Director, Dubai International Arbitration Centre, explained that the terms of the agreements sates that both parties are committed to the development of efficient methods of resolving commercial disputes and assisting each other in solving such disputes. Talhouni said that DIAC and MAC agreed to promote the use of arbitration, mediation, conciliation and any other appropriate procedures or combination of procedures in solving disputes.
The Director of Dubai International Arbitration Center added: "Fostering a better understanding of Alternate Dispute Resolutions (ADR) through the organization of seminars, conferences and educational activities is another area of emphasis in the signed agreement."
HE Anthony Tabone, Consul General said, "The signing of this agreement marks an additional step towards continually providing a stellar and streamlined arbitration resolution process. In the wake of increased commercial and business relationships between Dubai and Malta, reaching a common ground for arbitration of commercial disputes will help a better understanding of practices and procedures amongst investors. It only goes to show the increased level of commitment that both Centers have towards the larger motive of a smooth business approach."
Dr. George Hyzler, Chairman of the Malta Arbitration Centre said, "The Malta Arbitration Centre is happy to extend its network of cooperation agreement and is particularly happy to strengthen the ties with Dubai in view of the increased level of business relations between Malta and the UAE."Being an initiative of Dubai Chamber of Commerce and Industry, DIAC was created as a means to supply facilities for conducting commercial arbitration, promoting the settlement of disputes by arbitration, as well as developing a pool of arbitrators in the practice of international arbitration. DIAC registered 159 arbitration cases in the first 6 months of 2009, and with the signing of the current cooperation agreement with MAC, DIAC has already signed a total of 17 cooperation agreements with various arbitration centres some of which include GCC Commercial Arbitration, the Court of Latvian Chamber of Commerce and Industry, Kuala Lumpur Regional Centre for Arbitration and other leading arbitration centres. 2009 Al Bawaba (www.albawaba.com)
2009 Al Bawaba (Albawaba.com)
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|Date:||Jul 7, 2009|
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