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International Arbitration Centre holds its fifth successful open dialogue in Seoul

United Arab Emirates: Monday, March 28 - 2011 @ 13:15

With its agenda of enhancing the reputation of the Centre globally through open dialogues, the Centre’s third overseas arbitration dialogue and the fifth overall followed the success pattern of the earlier dialogues held in London and Paris last year.

The global event provided Dubai arbitrators and DIAC’s associate and Executive Committee Members the opportunity to exchange views and experiences with their international counterparts, especially those from South Korea and Asia.

During their presentations, the DIAC officials gave a comprehensive account of the various aspects of operations of the Centre including its rules, methods of appointment of arbitrators and neutrality in DIAC arbitration, notably transparency and fairness in the arbitration fee and cost issues and the application of international standards related to the settlement of arbitration cases.

The Centre was represented by Dr. Habib Al Mulla, Vice Chairman, and Essam Al Tamimi, Member, DIAC Board of Trustees, Dr Hadif Al Owais, DIAC Acting Director and Vice-Chairman, DIAC Executive Committee and the Executive Committee members including Michael E. Schneider, Dr Tarek Fouad A. Riad and Dr Fathi Kemicha.

Dr Habib Al Mulla, Vice Chairman, DIAC Board of Trustees, informed that the Centre has to live up to its reputation of a leading arbitration centre in the world in view of the previous successful dialogues held in London and Paris which saw a large turnout of global arbitrators and lawyers.

Al Mulla said that the Centre’s objectives are to raise awareness on its functioning as well as to promote its services all over the world while highlighting the image of Dubai as a reputed centre for settling international commercial disputes.

On his part, Dr Hadif Al Owais, DIAC Acting Director and Vice-Chairman of DIAC Executive Committee, stressed on the number of arbitration cases received by the Dubai International Arbitration Centre which he said was 431 during the year 2010, showing an increase of 47% compared to the year 2009, which clearly indicated the level of awareness amongst the business community as regards to the importance of arbitration as an effective tool for the settlement of commercial disputes.

In his presentation, Al Owais pointed out that the 5th Arbitration Dialogue in Seoul focused on the Asian market of which South Korea is an important part. He said that in its quest to provide a flexible and impartial mechanism in resolving and settling international disputes, the Centre provides services including request for arbitration, the appointment of arbitrators and their remuneration.

Al Owais informed the gathering about the importance of organising the open dialogues which he said is very important for the global legal community. He also took the opportunity to inform the attendees about the 6th Arbitration Dialogue being held on the sidelines of the IBA Annual Conference in Dubai from October 30 to November 4.

The Centre also participated in the 14th IBA Arbitration Day through a promotional stand in the exhibition hall by distributing brochures highlighting the services offered by the Centre which attracted a large number of participants who lauded the role of DIAC as a prominent centre for commercial arbitration in the region and the world.

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Monday, March 28- 2011 @ 13:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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