By Hassna Al Hais
The UAE has rapidly emerged as a leading financial centre, attracting large global investors and businesses, and as international developers and contractors continue to invest in construction projects, there has been an increasing trend in the use of arbitration in Dubai. The arbitration process is the preferred method to resolve disputes by commercial companies as; the certified language of arbitration proceedings is in English, a specialist tribunal can be appointed as opposed to the broader UAE courts, and arbitration is generally more cost effective and less time consuming. This has led businesses and investors in the UAE to ensure that arbitration clauses or arbitration agreements are inserted into their contracts. Furthermore, the downturn in economic conditions in the real estate market over the last few years has led to an increase in disputes in general, and parties are more likely to issue court proceedings than to try to recover their losses through other ventures. …
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