Dubai became int'l ctr for commercial arbitration - DSA chief

KUWAIT, May 25 (KUNA) -- Dubai Dispute Settlement Authority (DSA) Chief Justice Michael Hwang stated Wednesday that Dubai has become a leading international center for commercial dispute settlement.
The DSA would provide businesses with a trusted one-stop shop for litigation and arbitration, Hwang said during a ceremony to celebrate opening of the DSA headquarters.
He added that the new body would enhance Dubai competitiveness as an investment-conducive destination.
Any investors inside or outside the United Arab Emirates can apply for the services of the DSA, he said.
He underlined that the aim of the DSA is to boost justice and transparency in the economic and commercial sectors in order to increase investors' confidence.
For his part, Kuwait's Consul General in Dubai and Northern Emirates Theyab Al-Rashidi expressed his admiration of the DSA and its services.
The Dubai International Financial Centre (DIFC) courts and the DSA have become major sanctuary for investors in region, he told KUNA following the ceremony.
On 28 May, 2014, the UAE Vice President and Prime Minister, and Ruler of Dubai Sheikh Mohammad bin Rashed Al Maktoum announced the amendment of Dubai Law No. 9 2004 (which DIFC) by issuing the new Dubai Law No. 7 of 2014, which establishes the DSA.
The amendment stated that the DSA would be headed by the president of the DIFC courts and would encompass three major bodies: the DIFC courts, an arbitration body, and other institutions and subcommittees founded under DIFC laws and regulations.
The DSA is meant to increase confidence, promote growth, and represent another important step in the journey to make the UAE one of the best places in the world to do business. (end) smr.maa.ibi