Abu Dhabi Global Market’s arbitration centre begins operations

Financial free zone Abu Dhabi Global Market (ADGM) has announced the beginning of full operations at its arbitration hearing facility.

ADGM is hoping to compete with other regional centres as a preferred dispute resolution location for commercial and civil cases.

It is open to local and global parties “regardless of the arbitral institution administering the dispute”, ADGM said.

Decisions issued by the zone’s courts are enforceable under the New York Convention and its regulations are modelled on the UNCITRAL Model Law.

“The ADGM Arbitration Centre strengthens Abu Dhabi’s position on the global map as a strategic centre for arbitration services that appeal to businesses and individuals from around the world,” said ADGM chairman Ahmed Al Sayegh.

“The centre’s offering is set to further advance the UAE’s dispute resolution landscape, foster new business opportunities, and boost investment opportunities in the capital.”

ADGM is positioning itself as a fintech hub to rival the likes of Dubai and Bahrain. In June, the zone launched a new framework to regulate spot crypto asset activities.

Read: Abu Dhabi finance hub ADGM to regulate crypto assets

In neighbouring Dubai, the English-language Dubai International Financial Centre (DIFC) Courts handled 368 cases across all divisions in the first half of this year, a 64 per cent increase year-on-year.

The overall value of claims rose 181 per cent during the same period

Read: Dubai’s DIFC Courts records 64% rise in cases during first half of the year