FNC Constitutional and Legislative Affairs Committee continues discussion

The Federal National Council, FNC, Constitutional and Legislative Affairs Committee has continued discussing a draft federal law on arbitration, during its meeting today at the headquarters of the FNC General Secretariat in Dubai, chaired by Jassim Al Naqbi, Chairman of the Committee.

The meeting was attended by committee members Mohammed Al Kamali, Committee Moderator, Marwan bin Ghalita, Ahmed Al Hammoudi, Khalafan bin Yokhah and Saleh Al Ameri.

The committee discussed the draft law in the presence of a Ministry of Justice representative, and it reviewed the ministry’s remarks on certain articles of the law.

According to the explanatory note of the draft law, the government recommends this law due to its importance for the arbitration of commercial disputes, and in attracting investments and achieving the growth and stability of the national economy, and because arbitration can provide the opportunity to select arbitrators, facilitate procedures, and maintain confidentiality and cordiality between parties, as well as speed up the settlement of disputes, which will reduce the number of cases in courts.

It also aims to support the country’s economic development, which will boost its investment performance, especially as the government is always keen to support this sector with effective laws that are suited to the country’s overall economic development.

The draft law includes six chapters and 61 articles on definitions, the scope of application, arbitration agreements, arbitration tribunals, arbitration proceedings and final clauses.