The United Arab Emirates has drafted a new federal commercial arbitration law to replace rules officials described as flawed and discouraging for investors.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) has prepared the 63-article law with the assistance of the ministries of Economy and Trade, and Justice and Islamic Affairs, as well as local and international legal experts.
The draft law is due to be presented to the federal cabinet for approval before it is finally endorsed by President Zayed bin Sultan Al Nahyan.
"At last, the UAE will have a comprehensive arbitration law to replace the old one which has some flaws and does not match the rapid changes in the world," said Aoun Abdullah Al Junaibi, Director-General of the Abu Dhabi Commercial Conciliation and Arbitration Centre at ADCCI, which helped draw up the draft law.
"It will see the light soon and let us hope it will come into force this year. It takes into consideration recent regional and global developments and I believe it will be instrumental in attracting foreign investment." (menareport.com)
© 2004 Mena Report (www.menareport.com)
