Region’s first maritime arbitration centre aiming high in 2017
The Emirates Maritime Arbitration Centre (EMAC), the only of its kind in the MENA region, signed on Tuesday an agreement with Dubai International Arbitration Centre (DIAC) to cooperate in the areas of resolving commercial disputes and knowledge sharing.
According to the memorandum of understanding (MoU) signed by the two parties, both will assist each other in identifying suitable arbitrators, conciliators and mediators who can provide their expertise in resolving disputes received by the two centres.
In addition, the two centres will exchange information and publications on various dispute matters.
Furthermore, the agreement also aims to facilitate coordination in representing UAE-based arbitration centres internationally.
The MoU also stipulates cooperation in conducting workshops, seminars, conferences, presentations and educational activities focusing on arbitration, conciliation, mediation and dispute resolution in general.
Open for membership
EMAC, established in November last year to offer an effective and efficient regional platform to settle maritime disputes using alternative dispute resolution, has started to officially accept applications for new members.
Applications are open all and are available on the centre’s website. Individual membership is priced at $100 and corporate membership at $200, which includes up to three subscriptions from the corporate member’s officers, with additional members at $50 per person.
“Since our launch, one of our key aims at EMAC is to unite experts from across the maritime dispute resolution sector, both regionally and internationally,” says Majid Obaid Bin Bashir, Vice Chairman and Secretary General of EMAC.
“We are pleased to invite new members to join EMAC, who will not only benefit from our services, but will become an essential facet in our mission to create a regional Centre of excellence and best international practice for maritime arbitration and alternative dispute resolution, on a par with other global maritime hubs,” adds Bin Bashir
EMAC officials say that they are expecting to begin hearing disputes as early as the first quarter of this year.