On 3 May 2018 a new arbitration law was issued in the UAE. My colleagues Nassif BouMalhab, Justine Reeves & Dara Sahab discuss the impact of the new law on the arbitration landscape in the UAE.
The Arbitration Law achieves a milestone in maintaining the UAE’s reputation as the international arbitration hub of the region. The Arbitration Law is an adaptation of the UNCITRAL Model Law. This reform modernises the regulatory framework underpinning UAE arbitration to bring it in line with international commercial arbitration norms globally. The law is consistent with the UAE’s remarkable efforts to promote a legal landscape that inspires investor confidence. As with all new legislation, consistency in the interpretative approach taken when applying the Arbitration Law will be fundamental to its intended purpose. Mindful of the vulnerability of the new law to varying interpretations, Clyde & Co is pleased to sit on the newly constituted Arbitration Circle, a think tank of leading UAE arbitration practitioners committed to promoting a unified interpretative approach.