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Sharjah International Commercial Arbitration Center ‘Tahkeem’ stresses importance of resorting to arbitration to enhance the economic and invest-ment environment of the state
Publish Date :Sharjah International Commercial Arbitration Center ‘Tahkeem’ participated in the fourth edition of Dubai Arbitration Week 2022 through a successfully organised and orchestrated panel discussion titled ‘Horses for Courses’ in partnership with the Chartered Institute of Arbitrators. The panel was hosted at the Waldorf Astoria Hotel in Burj Daman, Dubai International Financial Centre. The panel discussion was centred around arbitration and its importance in enhancing the economic environment of the country, as well as a discussion of important practices followed in the field of arbitration.
The session was attended by Dr. Asma Al Rasheed, Executive Committee Member at Tahkeem, Mohieeldin Elbana, Founder and CEO of Qaf Legal, and Lawyer Robert Sliwinski, Counsel with Al Suwaidi & Company. The session was moderated by lawyer Natasha Zahid, Legal Director at Clyde & Co.
Mr. Ahmed Alechlah welcomed the attendees and commenced the session with an introductory presentation about the Sharjah International Commercial Arbitration Center ‘Tahkeem’. The presentation included an introduction to the working mechanisms and nuances seen in arbitration cases, the quality of services provided by the centre in line with modern international arbitration standards, and the importance of arbitration in promoting economic stability, increasing investment in the country, and ensuring a safe and exemplary investment environment.
Mr. Alechlah stressed that the relationship between arbitration and local courts is harmonious and complementary, benefitting the interests of all parties, including public, institutional, and individual goals and interests. This vital relationship also aids in bridging the gap and building partnerships between the public and private sectors, stimulating a competitive and fruitful environment in the field, directly supporting an enhanced economic landscape.
The panel discussed and analysed a wide range of topics, including best practices in the arbitration industry both locally and internationally, types of cases routinely entertained by arbitrators, and efficiencies of the arbitration process. Differences between the administrative process for cases taken up by local courts compared to arbitration institutions were also elaborated upon.
Participants of the session stressed that the option of resorting to arbitration centres instead of courts has recently gained popularity, preferred by many investors and owners of large companies due to the many advantages and facilities provided to them through arbitration. Panelists provided examples of disputes that had been resolved through arbitration, and highlighted the role of arbitrators during the arbitration process, and the extent of flexibility in dealing according to arbitration rules. The scope of arbitrator powers to intervene in the procedures followed in arbitration in various cases and disputes were additionally discussed.
Dubai Arbitration Week is among the region’s principal annual events concerned with showcasing and discussing the most important specialised niche topics related to arbitration at the local and international levels. The week-long event highlights the effectiveness, flexibility, and impact on the business landscape of vital laws related to arbitration, and how these laws contribute heavily to continuous and sustained growth of the business sector locally.