A 16-clause draft arbitration law is designed to support the UAE’s economic development and investment environment, according to Sheikh Mohammed Abdullah Al Nuaimi, chairman of the Federal National Council’s (FNC) constitutional, legislative affairs and appeals committee.
On Monday, the committee met to discuss the clauses of the draft law, which consists of 61 sub-clauses, which include definitions, application areas, arbitration agreements and procedures, arbitral tribunals, and final arbitration.
Sheikh Mohammed said that meetings will continue with representatives of the Ministry of Economy and Ministry of Justice to receive opinions and suggestions about the draft law, as well as obtain answers to committee members’ questions about various clauses.
According to an explanatory memo of the draft arbitration law, the UAE government believes that it is necessary due to the important of arbitration in commercial disputes, as well as attract investment and achieve growth and stability in the country’s economy.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.