The memorandum of co-operation signed by the Australian Centre for International Commercial Arbitration (ACICA) and the Abu Dhabi Chamber of Commerce and Industry (ADCCI) recognises the rise in demand for fast, cost-effective dispute resolution.
ACICA president and Clayton Utz head of major projects and international arbitration, Doug Jones, said this agreement is a significant step in a strategic alliance between ACICA and the ADCCI.
“We stand ready to assist the ADCCI to build on its significant reputation in the region. It is also a basis for substantially raising the awareness in the Gulf Co-operation Council of the option of Australia as a neutral venue for hearing arbitrations resolving business disputes between trading partners in the Asia-Pacific region,” said Jones.
The ADCCI is one of the largest business chambers in the region, with offices for more than 25 public entities and private companies. Over 250,000 individuals and companies from within the UAE and abroad benefited from the centre’s services during 2011.
Mohammed Helal Al Muhairi, the director general of ADCCI, said the two centres can play a positive role in promoting trade and investment relationships between their countries and globally.
In addition to the strong growth of local economic activity, the Gulf region is increasing its trade and investment ties with Australia, China, India, South Korea and Japan.
Australian ambassador to the UAE and Qatar, Pablo Kang, who attended the signing ceremony, said this agreement represents the close cooperation between Australia and the Abu Dhabi chamber of commerce and industry.
“International companies often prefer to take their disputes to a neutral third-party location and Australia, as an English-speaking country with first-rate legal infrastructure, is naturally a very attractive venue."
Abu Dhabi-based director of trade and investment (Middle East) for the NSW Government, Moin Anwar, said NSW is clearly recognised as a leader in the professional services sector in the Gulf region and this partnership opens a new chapter of cooperation between NSW and Abu Dhabi.
Next month, ACICA will conduct its first roadshow in Dubai hosted by the Middle East’s largest law firm, Al Tamimi & Co, and supported by the Dubai International Financial Centre.