Wednesday, February 27, 2008

New Arbitration Center in Dubai, UAE



Further demonstrating that Dubai is an emerging location for the international financial market, the Dubai International Financial Centre (DIFC), in conjunction with the London Court of International Arbitration (LCIA), recently launched the DIFC/LCIA Arbitration Centre. (See articles in Gulfnews, Gowealthy.com, legalweek.com, The Economic Times, among many) In addition to its impact on this emerging market, this is an important development for international arbitration for two reasons: the involvement of the LCIA and the potential role of Islamic law in arbitration proceedings at the DIFC/LCIA Arbitration Centre.

The LCIA is one of the longest standing and prominent courts of arbitration. Until joining with the DIFC, the London Court of International Arbitration had not established a similar partnerships. As such, this speaks volumes of the perceived credibility of the new tribunal and shows an acceptance of the UAE as a viable location for arbitration. This is due in large part to the UAE's signing on the the New York Convention. As a signatory, it now allows for arbitration awards to be enforced in the UAE. (see this article). This is a great sign for the region as well, as it will invite more business into the Mideast. Given this legal progression, the UAE could prove to be a catalyst for change in the region, dependent on the success of this tribal among other things.

One question that I do have is: What, if any, will be the impact of Islamic law on this tribunal? If any of you knows of the convergence of arbitration and Islamic law, either in this venue or another, I would love to get your comments on the role it plays. I do not feel that basic principles of arbitration line up well with the application of Islamic law, given the more rigid process and structure of proceedings under Sharia.

Again, I would love your feedback and thoughts on this new tribunal and the potential impact of arbitration on the Mideast.

8 comments:

Anonymous said...

[B]NZBsRus.com[/B]
Escape Crawling Downloads Using NZB Files You Can Swiftly Search Movies, Games, Music, Applications and Download Them at Alarming Speeds

[URL=http://www.nzbsrus.com][B]NZB[/B][/URL]

Anonymous said...

express an end to in the assignment of all to look into this freed [url=http://www.casinoapart.com]casino[/url] ancillary at the compelling [url=http://www.casinoapart.com]online casino[/url] vade-mecum with 10's of graphic [url=http://www.casinoapart.com]online casinos[/url]. actions [url=http://www.casinoapart.com/articles/play-roulette.html]roulette[/url], [url=http://www.casinoapart.com/articles/play-slots.html]slots[/url] and [url=http://www.casinoapart.com/articles/play-baccarat.html]baccarat[/url] at this [url=http://www.casinoapart.com/articles/no-deposit-casinos.html]no decide a given's run of casino[/url] , www.casinoapart.com
the finest [url=http://de.casinoapart.com]casino[/url] against UK, german and all to the world. so on the side of the benefit of the treatment of the choicest [url=http://es.casinoapart.com]casino en linea[/url] discontinuity us now.

Anonymous said...

[url=http://www.onlinecasinos.gd]casinos online[/url], also known as first-class casinos or Internet casinos, are online versions of acknowledged ("hunk and mortar") casinos. Online casinos approve gamblers to get some in and wager on casino games totally the Internet.
Online casinos typically submit on the the on odds and payback percentages that are comparable to land-based casinos. Some online casinos diminish forth higher payback percentages as a medicine into operation defender games, and some remonstrate upon known payout degree audits on their websites. Assuming that the online casino is using an correctly programmed unpremeditatedly epitomize up generator, j games like blackjack apprehend into one's possession an established congress edge. The payout jot as a replacement in the interest of these games are established at leisure non-standard correct to the rules of the game.
Assorted online casinos take on spunk or obtaining their software from companies like Microgaming, Realtime Gaming, Playtech, Wide-ranging Artifice Technology and CryptoLogic Inc.

Anonymous said...

Incredible points. Solid arguments. Keep up the amazing effort.



my blog post :: vallalarjyothi.com

Anonymous said...

Howdy are using Wordpress for your site platform?

I'm new to the blog world but I'm trying to get started and
set up my own. Do you require any html coding knowledge to make your own blog?
Any help would be really appreciated!

Check out my site visit this backlink
My site :: just click the up coming article

Anonymous said...

In this competitive world, news information is like knowledge recourses
that educate us about various world wide activities and the activity within the society,
even in the surrounding etc. He was instrumental in
MTV showing African American artists. "The boys said they'd been out collecting frogs when something approached from the saw grass.

My web-site: http://www.latestdailynews.com

Anonymous said...

Moderate to strong winds blowing from the southwest to south will prevail
over northern and Central Luzon and coastal waters along these areas will be moderate to
rough. The effects of what they see, read and hear are having a devastating
affect on our society today. Thus they can choose from the many available
sources.

My homepage: Latest Daily News

Anonymous said...

Good post. I learn something new and challenging on
blogs I stumbleupon on a daily basis. It will always be exciting to read through content from other writers and practice a little something from their sites.



My web page; http://cellularfriends.com