Just two and half years since it started operations Emirate Maritime Arbitration Centre (EMAC) has started to receive its first cases.
The news is a landmark in the development of EMAC, which has been working hard to establish itself as preferred location for maritime arbitration in the Middle East rather than cases being heard in established centres such as London or New York.
While details of the cases remain confidential, the acting Chairman/Secretary-General of EMAC, Majid Obaid bin Bashir, said, “We can confirm that EMAC has started to receive cases with claims valued in excess of AED45 million ($12.25 million).
“EMAC is taking strides towards building a solid foundation and credibility. Part of what we do is maintain the utmost confidentiality in case management.”
In a process that mirrors the successful development of the Singapore Chamber of Maritime Arbitration (SCMA), EMAC has focused on building awareness through which companies start write its clauses into their contracts, a major element to generating future cases.
“The key here is that confidence has built to the stage where the likes of Dubai Drydocks World, GAC and a few others are writing EMAC into their standard terms. This is where parties agree from the onset of negotiations to take to arbitration with EMAC in case a dispute arises out of their transaction.
“At this stage, our message is that our case management team is ready, willing and able to provide the excellence in maritime arbitration and mediation support that EMAC has echoe,” Majid Obaid bin Bashir said.
He said EMAC’s rules have been designed to keep down costs and ensure the efficient handling of disputes.
The UAE’s new Federal Arbitration Law passed in June is expected to help it rival London, Paris and Singapore as an international arbitral seat.
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