“This is once again repeating a reassurance on this issue that these kind of issues will be resolved.”
“But... we need to be given time,” the minister told reporters on the sidelines of a meeting on the draft arbitration law, which is being planned to be promulgated in the country by year-end to speed up the resolution of commercial disputes.
Organised by the International Islamic Center for Reconciliation and Arbitration, the meeting was attended by judicial officers, lawyers and government officials, who discussed issues relating to the proposed arbitration law to make it more effective in line with the best practices around the world.
Al Mansouri told reporters that he was confident that Dubai’s settlement would be an example for other nations too, who have not been able to resolve their similar issues. Dubai World last week announced reaching an agreement with its main creditors to restructure its $23.5 billion of liabilities as it seeks to resolve a debt issue.
Talking about the arbitration law, the minister hoped it would be promulgated by year-end. The draft law, which would be presented to the cabinet in the second half of the year, is part of the UAE government’s strategy to update its laws and regulations in order to attract foreign investments into the country.
Al Mansouri said that the law would be a step short of pursuing the legal course by the parties. “It gives a one stop before it gets complicated at another level,”
he said.
“It’s matter of how we can put it with parties together in an environment which is different from a court and to make them look face to face and try to resolve these kind of issues,” the economy minister said.
He said that the new law would minimise the number of legal cases, besides resolving the commercial disputes in a speedy manner, which is the essence in such matters. About the meeting, which was attended by legal experts from Europe as well as the Arab world with a strong tradition of arbitration, the minister said it would help improve the draft law making it more comprehensive in order to enhance the country’s economic infrastructure.
In his opening remarks, Al Mansouri highlighted the importance of arbitration to boost investor confidence and strengthen the investment environment in the UAE.
“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.
High-ranking judiciary members of the UAE including Justice Dr Abdulwahab Abdoul, President of UAE Higher Court, and other legal bigwigs attended the event.
