To help entrepreneurs have better understanding of legal issues and to enhance the investment climate in SharjahPublish Date :
The Sharjah International Commercial Arbitration Centre, (Tahkeem), organised a workshop on "Arbitration and Entrepreneurship" at the Sharjah Chamber of Commerce and Industry recently.
The workshop was conducted for the members of the Sharjah Entrepreneurship Foundation (Ruwad) to help them navigate potential legal disputes and provide the necessary legal advice to deal with such challenges.
Tahkeem and Ruwad signed an agreement last year in which the two sides agreed to strengthen relations and unify efforts aimed at enhancing the competitiveness of Sharjah’s businesses and contribute to the economic development of the United Arab Emirates within a safe, stable and robust investment environment.
For its part, Takheem agreed to provide members of the Ruwad Foundation with the necessary legal advice to help them protect and grow their businesses, while Ruwad committed to promoting the concept of arbitration and resolving disputes amicably among its members.
Ahmed Saleh Alechlah, Director of the Sharjah International Commercial Arbitration Centre (Tahkeem), stressed the importance of such workshops in resolving commercial disputes and promoting the culture of arbitration instead of litigation, in line with the vision of Tahkeem to be a basic interface to help businesses in resolving and settling their commercial disputes, and instilling a culture of arbitration among law practitioners, professionals and businessmen at the local, regional and international levels.
“Resolving commercial disputes by amicable means contributes to enhancing the business environment and increases confidence between the parties involved, as well as helps in paving the way for cooperation between them in the future,” Aleclah added.
Meanwhile, Hamad Ali Al Mahmoud, Director of the Sharjah Entrepreneurship Foundation (Ruwad), stressed the importance of the "Arbitration and Entrepreneurship" workshop in raising the awareness of the Foundation's members about the concept of arbitration.
“These workshops form part of our cooperation agreement with Takheem to help our members deepen their legal understanding of potential disputes and enhance their confidence in being able to operate and grow their business in Sharjah given the existence of an arbitration platform where disputes can be amicably settled, as is the practice abroad in advanced economies,” Al Mahmoud explained.
A presentation led by Hamda Ali Al Baloushi, Cases Manager at Tahkeem, reviewed the importance of Federal Law No. (6) of 2018 on arbitration, which is directed towards moving away from the courts and resorting to alternative means to resolve Disputes, in order to achieve the national agenda of the UAE Vision 2021 in raising the indicators of security, justice and economic stability, in a way that enhances the investment climate in the country.
According to Al Baloushi, arbitration is a means of settling disputes instead of the usual methods of litigation, and it is resorted to before or after the occurrence of the dispute. “In line with Takheem’s systems and procedures, every dispute that arises from the implementation of the interpretation, cancellation, validity or invalidity of the contract or what is related to it, shall be finally decided by arbitration,” she added.
Al Baloushi emphasised that arbitration is characterised by speed, confidentiality, flexibility, and impartiality, and is less costly than litigation before the courts. At the same time, it is a binding judgment for the parties, and has the same executive power as the judicial ruling, except that for its implementation it is necessary to obtain a decision for approval by the Federal Court of Appeal after applying for an “order on a petition”, and the approval is obtained within 60 days from the date of submitting the application.
At the conclusion of the workshop, Ruwad members expressed appreciation for the valuable insights they have gained during the presentation and subsequent discussions, noting that arbitration allows them to maintain an atmosphere of cordiality with suppliers and partners, and open the way for them to cooperate and work with each other again.