UAE – Mubasher: The Dubai International Arbitration Centre (DIAC) and the Hong Kong International Arbitration Centre (HKIAC) have signed a memorandum of understanding (MoU) to collaborate and promote international arbitration and other alternative dispute resolution methods, according to a press release.
Executive Director of DIAC, Jehad Kazim, stated: “This MoU reaffirms DIAC’s commitment to build strategic alliances and reinforce Dubai’s position as a reliable hub for alternative dispute resolution.”
The partnership boosts economic dynamics between Hong Kong, Dubai, and China. Statistics indicated that the volume of bilateral trade between China and the UAE has soared, making Dubai a top trading partner for China in the Middle East.
On the other hand, Hong Kong’s strategic location as well as the Belt and Road Initiative status plays a pivotal role in facilitating these ties.
Secretary-General of HKIAC, Mariel Dimsey, remarked: “The MoU is timely given Chinese investment flows to the Middle East and Hong Kong‘s status as a hub for Belt and Road disputes.”
The DIAC-HKIAC MoU symbolises the forward-looking vision of both centres while ensuring that as trade and investments grow, any emerging dispute has a modern, agile, and effective resolution mechanism in place.
It is worth noting that Dubai’s centre was established in 1994 as the largest international arbitration facility in the Middle East. Meanwhile, HKIAC was founded in 1985.