The UAE Ministry of Economy has completed the draft federal law on arbitration and the implementation of arbitral awards.
The draft law complements the efforts of the ministry to modernise economic and trade laws and legislation to keep pace with current and future national economic growth, the Press release said.
The draft law, prepared by the MoE in cooperation with the Ministry of Justice, is expected to be ratified and issued within the next three months.
The law will establish provisions for domestic and international arbitration in the UAE and will enforce arbitral awards consistent with international obligations, including the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention. Source
The draft law complements the efforts of the ministry to modernise economic and trade laws and legislation to keep pace with current and future national economic growth, the Press release said.
The draft law, prepared by the MoE in cooperation with the Ministry of Justice, is expected to be ratified and issued within the next three months.
The law will establish provisions for domestic and international arbitration in the UAE and will enforce arbitral awards consistent with international obligations, including the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention. Source
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