Arbitration And Conciliation Under UAE LawPosted by Hassan Elhais on October 5th, 2015 As it is witnessed that UAE is fast becoming an investment hub attracting investors from across the world. As the country continues to diversify its economy, there has been a substantial growth once again. It will continue to attract investment and when it comes to business, there are bound to be disputes happening between the parties for commercial transactions. UAE believes in resolving disputes amicably through arbitration or tahkim. The country's law is in line with international best practice as it is strictly adopted by the ICC and other international institutions. There are both federal and state law in the UAE. The arbitration law is governed by the UAE Civil Procedure Code (CPC), Federal Law no (11) of 1992 consisting of chapters III, IV and V.
It is expected that UAE has acceded to the New York Convention in 2006. Many drafts concerning the most common arbitration law have been released, the latest one being submitted in 2013.
In the UAE, arbitration institutions are “The Dubai International Arbitration Centre (DIAC)” and “The Abu Dhabi Commercial Conciliation and Arbitration Centre (ADCCAC)”. DIAC resolves disputes by way of arbitration under the UAE law, while ADCCAC settles disputes concerning agreements with Abu Dhabi government entities.
Within Dubai's free zone areas, the Dubai International Financial Centre (DIFC) follows its own DIFC Arbitration Law. Other than this, even Ras Al Khaimah or Sharjah have their own arbitration regulations and centers.
The chapter III of arbitration law in the UAE includes articles 203 to 2018 of which some are mandatory when arbitrating.
It is indicated that UAE is expected to adopt a new arbitration law, which will be in line with the international best practice.
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