Opinion | Editorials
Move on arbitration positive for business
Conducive commercial environment requires timely and effective dispute resolution.
- Gulf News
- Published: 22:41 February 17, 2009
Effective and fair arbitration is a vital part of doing business. Not all commercial deals work out, but when a deal is going sour, frequently something can be salvaged to the benefit of all parties, rather than having one party go to court to try to enforce its position.
To date, the UAE has offered dispute resolution in several ways, including arbitration by the Chambers of Commerce, and rarely through a special ruler's committee being established to rule on disputes. But there has been no formal government-backed arbitration service. So the initiative from the Ministry of Justice to set up such a system backed by law is a positive development.
As Dr Hadef Jua'an Al Daheri, the Minister of Justice, said this week, it is important the same principles that dominate court cases also apply to arbitration: fairness, transparency, clear presentation of evidence and timely resolution. With these in place, the business community will be ready to welcome the new arbitration service.
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