DIAC and ICC host major international conference

Bringing together some of the finest speakers from around the world, this conference, going on today and tomorrow, boasts a sophisticated level of intellectual expertise in alternative dispute resolution. The main aim behind this event is to examine how effective dispute resolution procedures could contribute towards building trust, enhancing investment and further encouraging business growth.

The conference was opened today by Mr. Obaid Humaid Al Tayer, President of the Dubai Chamber of Commerce of Industry, in the presence of HRH Prince Dr. Bandar Bin Salman Al Saud, President of the Saudi Arbitration Group, and key note speaker for the first day of the event, Prof. J. Martin Hunter, recently appointed as Chairman of the Board, along with hundreds of delegates from a variety of different professions and backgrounds.

In his opening speech, Mr. Al Tayer extended his thanks to His Highness Sheikh Maktoum bin Rashid Al Maktoum, Vice President, Prime minister and Ruler of Dubai and to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, for agreeing to set up the Dubai International Arbitration Centre and for issuing the relevant decrees and for the government's continued support to the business community.

He also emphasized the importance of effective dispute resolution, particularly in relation to the economic growth of a country.

"We at DCCI have since inception, been involved in various types of mediation and arbitration in Dubai. After a thorough review of our strategic plan, we realised the need to develop dispute resolution mechanisms in accordance with international standards. Therefore, we decided to set up the Dubai International Arbitration Centre to meet the business needs of not only the local but also the regional and international business communities", he stated. "Also, in line with the strategy, we announced last month the establishment of the Dubai Ethics Resource Centre in order to promote ethics and corporate responsibilities at various levels", he added.

"It is well known that smooth business relations are the key to healthy commercial activities. This is largely realised through the means of effective dispute resolution, which has become a vital tool in creating and maintaining a safe working environment for investors in the international markets. We believe it is the duty of this chamber to raise the standards of services given not only to our members, but also to the wider business community in the region through the various initiatives that have been adopted".

HRH Prince Dr. Bandar Bin Salman Al Saud gave a philosophical and historical insight on the principle of justice. "From the principle of justice stems one of its main elements, that is Arbitration with all of its various forms and levels. Consequently, the importance of arbitration becomes apparent", he stated.

"It is apparent that the GCC states have paid great attention in establishing and setting the laws and guidelines for arbitration, and to pave the roads for its application. In the Kingdom of Saudi Arabia, for instance, Arbitration has developed since the thirties up until the arbitration System was set 1983", he noted.

"This conference has been held at a time the globe is witnessing great increase in the level of trade. The main factor for attracting investments to one country over another becomes the proper and encouraging investing environment of that country. Therefore the developing global situation makes it evitable for us to become pro-active instead of the negative reactive stage we suffer from. To work and plan through a clear strategy that would enable us to face the new challenges in world trade.

The existence of promising investment in the region through the availability of the natural, financial and labour resources is not enough to convince the investor to take the risk of investing. Because of their lack of trust in the existing laws concerning investment, that might result in conflicts. Therefore, it is important to review the present laws to be certain that it is suitable for the development of world trade. This would ensure the usage of precise laws and mechanisms for the resolution of international trade conflicts, which is considered a main drive behind the increase of international trade level. There is no doubt the countries of this region have taken huge steps in this regard.

The importance of this conference is that it introduces the investor, whether in the area of oil, gas, manufacturing, banking, communication, or trade in general, on how to resolve conflicts and the most importantly Arbitration".

Dr. Hussam Al Talhouni, Director of Dubai International Arbitration Centre stated that as a result of DIAC's independence, today's conference brings together 21 highly skilled distinguished and highly esteemed arbitration experts from around the world as the first Board of Trustees of the Dubai International Arbitration Centre. "The Board will carry out its functions in accordance with the DIAC Statue and in complete independence from DCCI. The Board will primarily be responsible in the main decision making process of the Centre. This role will include, in particular, maintaining a degree of control over the Centre's objectives by ensuring its policies are carried out appropriately, in a supervisory capacity. The Board will also oversee the rules for commercial conciliation and arbitration , as well as administrative and financial by-laws governing the activities and membership of the Centre, in addition to approving budgetary decisions for the Centre."