UAE welcomes Australia as business dispute resolution destination
- United Arab Emirates: Thursday, November 01 - 2012 at 12:28
- PRESS RELEASE
Australia has strengthened its position in the expanding market for international dispute resolution following a successful international forum in Dubai which will bring mutual benefits to the UAE and Australia.
Chair of the forum Mr Essam Al Tamimi, Senior Partner of Al Tamimi & Company, the largest law firm in the Middle East, said: "We were provided with clear and compelling reasons why Australia through the Australian Centre for International Commercial Arbitration (ACICA) is a viable option for global companies in the Gulf region who use international arbitration as a means of resolving disputes."
ACICA President and Clayton Utz Head of Major Projects and International Arbitration Professor Doug Jones AO, said: "International arbitration is the process of choice in cross border deals. Australia is beginning to attract strong interest from corporations in the Asia Pacific region and beyond who are increasingly looking to avoid the uncertainty of litigation in foreign courts. What Australia offers is a first-rate legal and regulatory infrastructure that is pro-arbitration, proenforcement and cost-effective."
Held at the Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, the forum was the first initiative arising from the MOU signed in May 2012 between the DIFC and New South Wales, Australia's largest state economy.
NSW Premier, Barry O'Farrell said: "I would like to congratulate ACICA for taking the lead in partnering with the DIFC to promote Sydney and Australia as a neutral venue for arbitration. We What ACICA offers complements our engagement with the DIFC to promote investment opportunities between NSW and the Gulf Co-operation Council (GCC) region among existing and potential investors."
The GCC region is expected to spend about USD968 billion on projects including infrastructure developments over the next decade, while infrastructure expenditure in NSW is estimated to be in excess of $770bn between now and 2018 creating opportunities.
The event comes just weeks after the announcement of the Emirates Qantas Global Aviation Partnership and the MOU signed between ACICA and one of the region's major business chambers, the Abu Dhabi Chamber of Commerce.
Australian Ambassador to the UAE and Qatar, His Excellency Pablo Kang said: "As corporations within this region seek increasingly to invest in Asia, international companies prefer to have their disputes heard in a neutral location. Australia, through ACICA and its premier hearing facility, the Australian International Disputes Centre, is well placed to meet the growing demand for first rate, cost effective arbitration services."
Australian Consul General in Dubai and Senior Trade Commissioner (Middle East and North Africa), His Excellency Gerard Seeber who also addressed the forum appreciated ACICA's initiative, which was supported by the Australian Business Council Dubai and Australian Business Group in Abu Dhabi.
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