TAHKEEM concludes successful participation in Acres 2019, highlights importance of arbitrationPublish Date :
The International Commercial Arbitration Centre (TAHKEEM) successfully concluded its participation in the Acres Real Estate Exhibition & Conference 2019, which was held on March 19-21, in Sharjah.
The event served as a dynamic platform that catered to the needs of the Real Estate sector, underlining the importance of investing in the real estate market in the UAE and other countries in the region. The exhibition provided a wonderful opportunity to developers, investors, businessmen and all professionals in the real estate sector to showcase their projects and market them through an important platform at Expo Centre Sharjah.
After the opening ceremony, H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, visited TAHKEEM's pavilion and listened to a brief explanation of the objectives of the Centre's participation at Acres and the services offered by TAHKEEM for the real estate sector.
At Acres, TAHKEEM had a platform to promote its activities and services, through which its representatives launched channels of dialogue with all departments participating at the event, including real estate developers, construction companies and property agents to disseminate knowledge about the role played by TAHKEEM in serving the business community in the Emirate and reviewing prospects for joint cooperation.
Commenting on the participation, Mr. Ahmed Saleh Alechla, Director of TAHKEEM, said: "Acres offers a valuable opportunity to gain a wealth of information on all sectors related to the real estate sector in the emirate of Sharjah."
He emphasised that the realty sector remains to be one of the most important platforms in a country's domestic economy.
“And herein lies the importance of our presence in this gathering to highlight the role of arbitration as a true supporter for various business sectors.
”During this year's edition of Acres, TAHKEEM organised a panel discussion and a workshop focusing on the role of the Centre in resolving real estate disputes. We opened the doors for the public to attend the two sessions in order to get firsthand knowledge of the legal and consultative services provided by TAHKEEM in this regard in line with our determination to provide all kinds of support for all parties involved in the realty sector, including owners, tenants, investors, developers or even workers in this large and vital sector,” TAHKEEM Director explained.
The panel session was titled "International Protection of Real Estate Investment”, and was moderated by Mr. Zayed Al Shamsi, Head of Emirates Association for Lawyers and Legal.
The workshop was organised by TAHKEEM themed "Arbitration in Settling Real Estate Disputes", and was presented by Hamda Al Baloushi, Director of Cases Department at TAHKEEM.
The panel session focused on defining the concept of international protection provided for real estate investments in accordance with the international law; explaining the role of international arbitration in settlement of real estate disputes; and the shedding extensive light on the role of TAHKEEM in settling disputes related to real estate investment.
During the workshop, Al Baloushi gave a detailed explanation of arbitration as an effective alternative tool to conventional litigation for resolving disputes, as well as the legal cases where arbitration is used and the conditions thereof.
Al Baloushi emphasised the benefits of arbitration, including expediting the rendering of arbitration awards within six months from the date of the initial session; confidentiality of information and hearings; and the flexibility enjoyed by the disputants with regards to selecting the arbitrator, languages used, location of hearings, and rules and procedures of arbitration, in addition to the affordability of arbitration costs. Al Baloushi also underlined other benefits, including the principles of party autonomy and neutrality, with arbitrators obliged to sign an express undertaking to judge and act fairly and impartially.
The workshop also included an explanation of the procedures used in arbitration, starting from the submission of the arbitration application; addressing the disputants; appointment of an arbitration secretary; assigning an arbitrator; issuing the arbitral award; and going all the way down to deliver a written notice to disputants. Additionally, the workshop highlighted the concept and definition of arbitration; and enforceability of arbitral awards, including their endorsement process.