Dubai Chamber hosts a seminar on 'International Effect of Arbitral Awards'

The seminar aimed at introducing Dubai Chamber members and the business community in Dubai to the latest information on international commercial arbitration and its related laws and regulations on the Arab and international fronts.

The seminar was attended by H.E. Engineer Hamad Mubarak Buamim, Director General of Dubai Chamber of Commerce & Industry, Gerald Herrmann, President of ICCA, Martin Hunter, Chairman of DIAC Board of Trustees, and a large number of local, Arab and international commercial arbitrators, businessmen and investors.

In his inaugural speech, Buamim stressed Dubai Chamber's interest in hosting such seminars due to its importance in introducing the Chamber's members and the business community to some useful information which could help them to improve their businesses and widen the scope of their relations with international trade partners.

'Hosting this seminar comes in line with Dubai Chamber's strategy and support to its members through providing them with the information and facilities they need to develop their trade. The main topic of the seminar is of great importance for businessmen, exporters and investors who could possibly find themselves in a case of commercial dispute which requires quick act of arbitration or conciliation, and that is why DIAC was established as a significant initiative of Dubai Chamber,' said Buamim.

He underlined the importance of international arbitration as an effective method for resolving disputes between parties involved in international commercial agreements. The practice of international arbitration has developed as to allow parties from different legal and cultural backgrounds to resolve their disputes without the formalities of their underlying legal systems. And that gives more advantage to international arbitration due to its flexibility, efficiency and neutrality.

'Choosing Dubai by the ICCA to hold this seminar reflects the importance of Dubai and its strategic significance as an international business hub in the region due to its free economy and open market policy and the huge commercial transactions and deals that are closed here with international business partners,' Buamim added.

The director general of Dubai Chamber pointed out that the electronic and international trade system adopted by most of Dubai businessmen, along with other mega business deals, requires an enhancement of awareness about the international commercial arbitration laws to resolve the disputes that could arise as a result of these huge business transactions. He highlighted the need for every investors and businessman to be aware of the local rules of commercial arbitration and its applications.

Buamim stressed that the business community started to realize the importance of commercial arbitration while the country is witnessing a fast growing development on all economic fronts, at the time that more local businessmen care to benefit from the investment opportunities available abroad.

The program of the seminar included several sessions in which the speakers discussed topics such as an overview of the historical framework of international treaties on the recognition and enforcement of arbitral awards, in addition to the role of international treaties in international commercial arbitration from an Arab perspective.

The speakers also talked about the 1958 New York Convention, the regional treaties in the Arab and Middle East region, the requirements of national arbitration legislations to make international arbitration effective, the current national arbitration legislation in the Arab and Middle East region, the UNCITRAL model law, and the importance of arbitral institutions in assuring the effectiveness of awards.