Veterans Help Mould Next Generation Of Leading Global Arbitration Experts In UAE
As part of its attempt to mould the next generation of leading global arbitration experts, the Sharjah International Commercial Arbitration Centre for Youth held a panel discussion titled “Importance of Arbitration for Entrepreneurs” in the presence of HE Saeed Al Nazari, Director General of Federal Youth Authority and large number of entrepreneurs.
The Sharjah International Commercial Arbitration Centre for Youth Council, which is affiliated to the Sharjah International Commercial Arbitration Centre (TAHKEEM), organised the event at Dubai Youth Council in collaboration with Bricks Concept, a consulting company that specialises in supporting Emirati nationals who seek to invest in small and medium enterprises (SMEs).
Mr. Mohamed Ali Al Hammadi, Vice-President of The Sharjah International Commercial Arbitration Centre for Youth, explained the basics of arbitration and its importance to the entrepreneurs. While conducting the panel discussion, he also highlighted the advantages of arbitration as an efficient alternative to traditional litigation.
Ms. Hamda Ali Al blooshi, Chairman of the Sharjah International Commercial Arbitration Center Youth Council, said, “This panel discussion comes in line with the vision of the State to promote the business-friendly and investment-conducive environment enjoyed by the country. The goal of the event was also to shed light on the incentives provided to entrepreneurs and advise them on the mechanisms used to accelerate SMEs. We seek to ensure the growth and development of the SMEs in the UAE with mega investments in short and long-terms.”
Speaking at the panel discussion, which was attended by a number of Emirati entrepreneurs, Al blooshi stressed that arbitration effectively contributes to strengthening economic and investment stability in the UAE, which has become a “major regional and international business hub for local and foreign investors seeking to work in a safe and exemplary investment environment.”
She added, “The recent legislation adopted by the country, particularly the new arbitration law, are aimed at responding to rapid economic developments taking place regionally and international. They will also help the country achieve the National Agenda objectives and the UAE Vision 2021 by boosting security and justice indicators while driving economic growth and ensuring that the UAE’s environment remains the safest in the region.”
Highlighting the importance of arbitration for the business community, Lawyer Mohamed Al Hammadi said, “Arbitration offers the best solution for various business-related challenges. It provides easier and faster solutions to problems encountered by various business and investment sectors through highly-skilled and experienced settlers of disputes. These well-versed professionals, who deal with various business sectors, try to find solutions that are fully satisfactory to all the stakeholders by applying time-saving and cost-effective methods.”
He said that arbitration is an efficient alternative way to settle disputes at local and international levels. “Arbitration covers various sectors related to investment, the establishment of companies, sales and purchase agreements, oil & gas, engineering and construction, media production, environment, insurance, intellectual property, bankruptcy and all commercial dealings involving individuals and companies,” he added.
Al-Hammadi elaborated, “Arbitration provides myriad advantages, most important of which is confidentiality. All hearings are disclosed to the concerned parties only. Impartial and professional handling of legal cases, low cost, expeditious settlement of disputes, and flexibility in conducting the hearings, in terms of the languages used and arbitration rules applied are among few other conveniences it offers. In addition, all the arbitrators are veteran in their areas of expertise and well versed with the subject matter of the disputes.”
At the end of the discussion, the representatives of the Sharjah International Commercial Arbitration Centre for Youth Council thanked the participants for their positive and constructive contributions to the session and wished them success in their career and investment.
