ADGM to create arbitration centre
abu dhabi — Abu Dhabi Global Market (ADGM) has announced the establishment of an arbitration hearing centre on Al Maryah Island by early 2018.
This significant milestone augments the recent development and agreement with world-leading arbitral institution International Court of Arbitration of the International Chamber of Commerce (ICC Court), to launch its Middle East representative office at ADGM.
The ADGM Arbitration Centre will be equipped with state-of-theart technology and hearing facilities, which will be available to all parties seeking to resolve their disputes through arbitration or mediation. The centre will also provide best-in-class training in dispute resolution services. It is expected to be fully operational by the first quarter of 2018 in Al Maqam Tower on Al Maryah Island.
The ICC Court has a long-standing and highly-respected reputation as the benchmark for international dispute resolution. It has administered disputes in a total of 23,000 international commercial, business and investment arbitration cases since 1923, and is widely used in international transactions in the Middle East.
The ICC Court’s representative office is expected to become operational by January 2018. The local staff will in due course be able to accept the registration of arbitration cases under ICC rules, which will then be administered by one of the ICC Court Secretariat’s existing case management teams.
Sultan bin Saeed Al Badi, UAE Minister of Justice, said: “This is a very positive development for the UAE’s strategy and vision aiming to promote the consolidation of the rule of law, and uphold the country’s position as one of the strongest global leaders in international dispute resolution. The opening of this arbitration centre in Abu Dhabi Global Market and the decision of this worldleading arbitral institution to set up its Mena representative office in Abu Dhabi demonstrates the UAE’s significant progress in realising its vision.”
Chancellor Yousuf Al Abri, Under-secretary of the Abu Dhabi Judicial Department, said: “The Judicial Department encourages ADGM’s efforts to enhance Abu Dhabi’s international status as a global hub for business and investment. This is in line with the directives of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, of closely working with other various entities in the emirate of Abu Dhabi to raise the level of government performance to the highest international standards.” — Wam