Mubasher: The UAE Federal National Council (FNC) has issued a draft arbitration law in a bid to boost the nation’s investments and streamline the economy, said Mohammed Al Nuaimi, chairman of FNC’s constitutional, legislative affairs and appeals committee.
On Monday, the UAE’s body discussed the 16-clause draft law.
The arbitration law comprises 61 sub-clauses, which include arbitral tribunals, arbitration agreements and procedures, application areas, definitions, and final arbitration.
The UAE government reiterated the importance of arbitration in settling investment disputes, luring further investments and accomplishing growth and stability in the economy, according to the explanatory memo of the draft.
