Dubai, UAE: Dubai International Arbitration Centre (DIAC), recently signed a memorandum of understanding (MoU) with the Israeli Institute of Commercial Arbitration (IICA), which was founded by the Federation of Israeli Chambers of Commerce.
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 Rashid Shahin, Director of DIAC and Adv. Menashe John Cohen, President of the IICA during a virtual ceremony held jointly at the institutions’ respective offices.
Under the terms of the agreement, DIAC and IICA will co-organise seminars, conferences and programs aimed at raising awareness about arbitration and other alternative dispute resolutions in international commercial transactions, and in particular, business involving UAE and Israeli parties.
The two institutions will cooperate 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 signing, 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 facilitates and expanded Dubai’s trade ties with other markets around the world. By aligning our efforts to promote and exchange arbitration 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,” said Shahin.
For his part, 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, as a leading center in its field, brings wonderful news to the relationship between the countries.”
“The agreement meets the needs of organizations and business entities that sought after 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.”
Dubai International Arbitration Centre (DIAC), being the largest arbitration centre in the Middle East, provides local and international business communities with arbitration and conciliation services. DIAC was initially established by the Dubai Chamber of Commerce and Industry in 1994 as the Centre for Commercial Conciliation and Arbitration.
The Israeli Institute of Commercial Arbitration (IICA) is the first and the leading institute in Israel for arbitration and dispute resolution. The institute was established 32 years ago (in 1989) by the Federation of Israeli Chambers of Commerce and has since been the leader in the field of arbitration and dispute resolution in Israel. IICA is the only public institution in Israel in the field of arbitration.