Dubai International Arbitration Centre (DIAC) recently signed a memorandum of understanding (MoU) with the Israeli Institute of Commercial Arbitration (IICA) that will see the two institutions work jointly to promote a more effective resolution of international disputes through arbitration and other means of dispute settlement.

 

The MoU was signed by DIAC Director Rashid Shahin and IICA President Adv. Menashe John Cohen during a virtual ceremony held at the respective institutions’ offices, according to a press release.

 

Under the terms of the agreement, DIAC and IICA, which was founded by the Federation of Israeli Chambers of Commerce, will co-organise seminars, conferences and programmes aimed at raising awareness about arbitration and other alternative dispute resolutions in international commercial transactions, and in particular, businesses involving UAE and Israeli parties.

 

The two institutions will co-operate on research, development programmes, training and knowledge sharing and matters of mutual interest. In addition, the organisations will explore and create new collaboration opportunities that will promote and support the objectives of the two institutions.

 

Commenting on the MoU, Shahin said: "The strategic agreement is the next natural step in developing and expanding UAE-Israel ties as the two countries have already established a solid foundation upon which cross-border partnerships are being built."

 

“Arbitration is a crucial factor that has facilitated and expanded Dubai’s trade ties with other markets around the world. By aligning efforts to promote and exchange arbitration in their respective services, DIAC and IICA will offer more clarity about arbitration processes and practices, which is an important step in building trust and confidence between the two business communities,” added Shahin.

 

Cohen said: “The Israeli Institute of Commercial Arbitration is the first and leading arbitration institution in Israel. The agreement signed with the Dubai Arbitration Center brings wonderful news to the relationship between the countries.”

 

“The agreement meets the needs of organisations and business entities that seek a professional and objective address in case of a dispute between them. The agreement will make it possible to hold joint conferences to enrich professional and legal knowledge regarding the execution of transactions between Israel and the United Arab Emirates businesses,” he added.

 

DIAC, which was initially established by the Dubai Chamber of Commerce and Industry in 1994 as the Centre for Commercial Conciliation and Arbitration, provides local and international business communities with arbitration and conciliation services.-TradeArabia News Service