EMEA News
Emirates Maritime Arbitration Centre Receives Official Decree
The Government of Dubai has announced that the Emirates Maritime Arbitration Centre (EMAC) has received official decree from His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, to begin operations.
Sultan Bin Sulayem, chairman of the Dubai Ports, Customs and Free Zone Corporation and president of Dubai Maritime City Authority (DMCA) said the centre will "help Dubai rank among the most prominent maritime capitals of the world," according to local media reports.
"We are confident that the centre will play a pivotal role in the organisation of maritime arbitration which has become an urgent need for improving the performance, safety, efficiency and competitiveness of the local maritime sector and for gaining the trust of regional and international investors in Dubai’s and UAE maritime sector with all its opportunities and promising prospects," said Bin Sulayem.
As Ship & Bunker previously reported, Dubai set up the EMAC in order to settle disputes involving marine trade in the Middle East using international standards.
The Government of Dubai also announced that Sheikh Mohammed issued another decree, forming EMAC’s board of trustees, which will serve for a renewable term of three years and will be chaired by Sir Anthony Colman, with Majid Obaid Bin Bashir as deputy chairman.
EMAC, which is said to be intended to run independently of the government, will set up a register of arbitrators, experts, and qualified mediators, who are thoroughly knowledgeable of arbitration and mediation requirements and procedures.
The centre is also said to be responsible for promoting awareness on alternative avenues of dispute resolution, organising conferences, seminars and workshops, and maritime arbitration publications.
In July, the Dubai Government said a survey named Dubai as being on track to become one of the world's leading maritime centres in the next five years.
