ADGM To Establish International Arbitration Center
by Lorys Charalambous, Lowtax.net, Cyprus
03 August, 2017
Abu Dhabi Global Market (ADGM), the international financial center in Abu Dhabi, has announced it will establish an arbitration hearing center, which is expected to be fully operational by the first quarter of 2018.
The center will be based in Al Maqam Tower on Al Maryah Island, a financial free zone designated the jurisdiction of Abu Dhabi Global Market in 2013.
ADGM says the new arbitration center will be equipped with state-of-the-art technology and hearing facilities, and will be available to all parties seeking to resolve their disputes through arbitration or mediation. The center will also provide "best in-class" training in dispute resolution services.
The announcement of the new arbitration hearing center follows the recent agreement for the International Court of Arbitration of the International Chamber of Commerce (ICC Court), a world-leading arbitral institution, to launch its Middle East representative office in ADGM. The ICC Court's representative office is expected to become operational by January 2018.
ADGM's announcement of the new arbitration hearing center has been welcomed by the ICC Court, local in-house counsel, and international law firms including Clifford Chance and Shearman & Sterling, who see the center, and the ICC's move to ADGM, as bringing additional expertise and significant convenience to Abu Dhabi and its business community.
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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