Abu Dhabi: Abu Dhabi Global Market (ADGM) Arbitration Centre will serve the needs of the whole business community in the region and internationally once it becomes operational by the first quarter of 2018, the ADGM chairman said on Wednesday.
“The ADGM arbitration centre will be available to all parties seeking to have their arbitration case heard, or mediation held in the centre. We have intended for the centre to be inclusive and to serve the needs of the whole business community in this region and internationally,” said Ahmad Al Sayegh in Abu Dhabi.
He added that the launching of the centre was made possible with the support and recognition from the UAE ministry of Justice and the Abu Dhabi Judicial Department.
“The collaboration and understanding within the UAE ministry of justice and Abu Dhabi Judicial Department provide clarity and comfort to businesses seeking effective resolution of commercial disputes and require enforcement of judgements and awards.
“The arbitration centre dovetails well with ADGM’s ongoing efforts to enable more international financial services and businesses to be conducted in Abu Dhabi and to assist local institutions and families anchoring their activities in the UAE, instead of overseas.”
ADGM arbitration centre will be working with the leading arbitral institution, ICC International Court of Arbitration, which has decided to set up their representative office in Abu Dhabi’s newest financial centre starting from January next year.
TRA signs MoU
Meanwhile, the Telecommunications Regulatory Authority (TRA) of the UAE has signed a memorandum of understanding (MoU) with Abu Dhabi Global Market to activate collaboration between the two sides in the areas of information security.
The MoU will also enhance coordination mechanism for information exchange and early warning on threats and risks of cyber-attacks, and facilitate addressing and detecting a wide range of information security incidents such as electronic hacking, viruses and vandalism.