Efficient Dispute Resolution Vital During Economic Crisis: Sulaiman
DUBAI - Quick and efficient dispute resolution is vital at a time when the global economy is facing challenges, Dr. Omar bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said on Monday.
Addressing a symposium on international arbitration, he said dispute resolution mechanisms had always been critical to the success and competitiveness of an economy. “But, quick and efficient dispute resolution is particularly important now, at a time when the global economy is facing challenges. To increase the adoption of arbitration globally as an alternate dispute resolution mechanism, we need to actively communicate the benefits that arbitration can bring to businessmen, commercial outfits, governments and customers.”
The 12th International Arbitration Day Conference was held in association with the Dubai International Financial Centre - London Court of International Arbitration (DIFC-LCIA) Arbitration Centre.
“DIFC seeks to create a world-class arbitration hub in
Sulaiman said traditional judicial systems may not always be able to offer speedy dispute resolution given the increasing complexity of international business, and the rising volume of commercial disputes. Therefore, the availability of alternate forums for resolving commercial disputes is vitally important, he pointed out.
“Recognising these critical business needs, we in the Dubai International Financial Centre have created a world class infrastructure for arbitration. In a joint venture with the London Court of International Arbitration (LCIA), the Dubai International Financial Centre has set up the DIFC-LCIA Arbitration Centre,” he said.
According to Sulaiman, arbitration would continue to be a key focus of DIFC as it continued to evolve its legal infrastructure. “Apart from developing the infrastructure for arbitration, we feel it is important to raise awareness about the value of arbitration. The economic value of arbitration is significant, but it is often underestimated.”
Stressing the need to communicate the benefits that arbitration can bring to businesses, he said there could be much more that DIFC can do in fine-tuning its arbitration mechanisms and institutions to bring greater benefits to businesses. “We strongly believe that arbitration institutions need to be dynamic and evolve according to the changing needs of businesses. DIFC will be working closely with LCIA to evolve our Arbitration Centre so that we can meet the constantly changing needs of the industry.”
He said the plan for developing
Pierre Bienvenu, Co-Chair of the IBA Arbitration Committee said: “
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