Dubai: A maritime arbitration centre with international standards has been set up in Dubai to boost the stature of the emirate as a hub of maritime activities in the world.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, launched the Emirates Maritime Arbitration Centre yesterday.
This centre will be tasked with settling the disputes emanating from marine trade transactions.
The move reflects Dubai’s commitment to creation a full-fledged legal environment within the maritime sector with an aim to develop, regulate and enhance the emirate’s competitiveness as a global maritime hub.
Sultan Bin Sulayem, Chairman of Dubai Ports, Customs and Free Zone Corporation and President of the Dubai Maritime City Authority (DMCA), thanked Shaikh Hamdan for establishing this centre, which is a key pillar of the legal infrastructure of the maritime industry in Dubai.
The centre, the first initiative of its kind, will be tasked with settling the disputes emanating from marine trade transactions in the Middle East in accordance with legal frameworks and regulations.
The centre will add significantly to efforts aiming at diversifying and developing the components of the marine community, giving that the maritime arbitration forms a key source of the global marine communities.
It will contribute effectively to raising Dubai’s stature as a key player in the global maritime industry and boost its position on the world marine map. Maritime arbitration services are considered to be the key in beefing up and boosting the marine sector in Dubai.
The Dubai Maritime City Authority will be responsible for drafting pertinent marine laws and regulations with regard to sea shipping, fuel supply, and other contract that require arbitration in disputes that occur within Dubai’s territorial waters.
The centre will be handling and settling ships lease contracts; goods transport contracts; sale of used ships; ship building and repairing contracts; insurance and re-insurance policies; problems of marine collisions; marine aid and rescue; and disputes related to the settlement of marine losses.
