(Sharjah) – The Sharjah International Commercial Arbitration Centre, known as TAHKEEM, has signed a Memorandum of Understanding, considered the first of its kind in the Middle East, with the International Court of Arbitration to foster cooperation ties in the field of commercial arbitration and promote coordination on the development of rules and exchanging best practices.
The agreement was signed by Abdulla Deaifis, Chairman of TAHKEEM Executive Committee, and Alexis Mourre, President of the ICC International Court of Arbitration, at the premises of Sharjah Chamber of Commerce and Industry.
The two parties, under the MoU, will exchange knowledge and expertise on arbitral issues, including mechanism at work and lessons learned. They will also reciprocate information and experience about modern legal and arbitration systems and ways to promote arbitration as a means of settling commercial disputes away from conventional litigation and to encourage the business sector to adopt arbitration as a preferred method for dispute resolution and to include arbitration clauses into business agreements and contracts.
Commenting on the agreement, Abdulla Deaifis, said, “We are delighted to host the Chairman and the team of the International Court of Arbitration in the Emirate of Sharjah and to sign this MoU, which reflects the success of TAHKEEM in reaching out to the global community and corroborates the efficiency of the strategy we have been following at the Center over the past few years, whose fruits we are reaping now.”
“As is well known, the International Court of Arbitration was established in 1923 under the management of the Paris-based International Chamber of Commerce and has been actively working to resolve international trade disputes since then. It is the world’s leading institution for providing international arbitration service. Commercial arbitration has gained international recognition due to a large number of international commercial disputes worldwide; and in this respect the International Court of Arbitration is the premier platform for settling such cases, specially that the Court’s resolutions are internationally recognised.”
He remarked that the MoU will strengthen the position of TAHKEEM at the regional and global levels and will reflect positively on the level of services provided by the Centre for its clients and will in the meantime enhance the competencies and experience of the arbitrators. This MoU envisages collaboration in organising seminars, conferences, forums, workshops, and specialised training courses to promote the culture of arbitration in society.