Dubai: According to a briefing from law firm Al Tamimi & Company, the Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middle East: the Emirates Maritime Arbitration Centre (EMAC).
EMAC’s Rules are based on the UNCITRAL Arbitration Rules 2010 but are full of new approaches and new methods which it is hoped will bring a fresh touch and a faster and cheaper arbitration process than offered by the current maritime arbitration centres.
“Dubai and the UAE hope that in time EMAC will take its place alongside the established centres for maritime arbitration,” the law firm said in a release.
An excellent move – it will consolidate Gulf arbitration. Congratulations to all involved.