This blog is published in two parts. Part 1, which was published in March this year, provided some background to dispute resolution in the banking and finance sector, highlighting in particular the apparent inaptitude of conventional dispute fora, such as the courts, to deal with Islamic finance disputes adequately. This part 2 addresses how arbitration … Continue reading Islamic banking and finance disputes: the case for semi-secular arbitration (Part 2)
This blog discusses the resolution of Islamic banking and finance disputes in a modern world of dispute resolution, in which litigation and arbitration as the main contentious forms of dispute resolution contend for taking prime position before any other form of dispute resolution. Given the high degree of specialty required in the resolution of disputes … Continue reading Islamic banking and finance disputes: the case for semi-secular arbitration (Part 1)
Part 1 of this blog provided a brief introduction to the existing landscape of investment legislation in the Gulf Corporation Council (GCC) countries, highlighting that Bahrain is presently the only country that remains without a precise investment regime. This Part 2 aims to provide an overview of the main provisions of the United Arab Emirates … Continue reading GCC investment laws: to arbitrate or not to arbitrate, that is the question (Part 2)
Driven by an incentive to promote foreign direct investment (FDI) in their respective economies, the majority of Gulf Corporation Council (GCC) countries have adopted stand-alone FDI legislation. These include Kuwait (Kuwait Law No. 116/2013 Amending the Law on the Regulation of Direct Investment of Foreign Capital in the State of Kuwait, in force since 16 … Continue reading GCC investment laws: to arbitrate or not to arbitrate, that is the question (Part 1)
By now, the readers of this blog will be familiar with the issues brought about by the ruling of the Court of Justice of the European Union (CJEU) in Slovak Republic v Achmea BV. In essence, that ruling declared unenforceable the arbitration mechanism contained in the bilateral investment treaty (BIT) between The Netherlands and the … Continue reading The Achmea issue and ECT claims: where do things stand?
As I anticipated in Part 1 of this blog, recent case law precedent of the Dubai International Financial Centre (DIFC) Court of First Instance (the CFI) has revived the DIFC Courts’ role as a conduit jurisdiction for the recognition and enforcement of a domestic non-DIFC award for onward execution onshore. By way of reminder, in … Continue reading The DIFC as a conduit: alive and kicking… after all! (Part 2)
The most recent case law of the Dubai International Financial Centre (DIFC) Court of First Instance (the CFI) (see Chenshan Liu v Dubai Waterfront LLC) shows that the DIFC as a conduit is alive and kicking. This is despite fears that the DIFC Courts’ role as a conduit jurisdiction for the recognition and enforcement of … Continue reading The DIFC as a conduit: alive and kicking… after all! (Part 1)
No doubt, the European Court of Justice (ECJ) ruling in Slovak Republic v Achmea BV of earlier this year has caused reasoned concern amongst the international investment arbitration community that its reach may be much wider than intra-EU bi-lateral investment treaties (BITs). The proposition is, and the ruling in Achmea most certainly will extend to BITs concluded between an EU member … Continue reading Achmea: how far does it reach?
This is the second part of a blog on basic trends and developments in investment arbitration in the Middle East. Part 1 discussed in some detail the procedural framework for bringing investor claims against a Middle Eastern host state, highlighting in particular potential avenues of redress under national investment laws, bilateral investment treaties (BITs), multilateral … Continue reading Investment arbitration in the Middle East: basic trends and developments (Part 2)
Investment protection has become a linchpin of investment policies adopted by both developing and developed Middle Eastern jurisdictions over the past two to three decades. In the light of steadily diminishing oil reserves, the oil-rich nations in particular have become acutely aware of the need to attract foreign direct investment (FDI) for their sustained economic … Continue reading Investment arbitration in the Middle East: basic trends and developments (Part 1)
This is the second part of a blog on the adoption and entry into force of the new UAE Federal Arbitration Law. Part 1 was published last month and discussed some of the procedural framework conditions of the new law. This Part 2 continues that discussion, providing a deeper insight into how the new law … Continue reading The UAE Federal Arbitration Law: an initial verdict (Part 2)
The United Arab Emirates (UAE) Federal Arbitration Law (see Law No. 6 of 2018 Concerning Arbitration) was finally adopted on 3 May 2018. I anticipated the adoption of the new law in a trilogy of blogs published in the summer of 2017 (see Part 1, Part 2 and Part 3). The draft law that I … Continue reading The UAE Federal Arbitration Law: an initial verdict (Part 1)
Most readers of this blog will be aware of the status and operation of the Dubai International Financial Centre (DIFC), the Dubai-based financial free zone, as a seat of arbitration in its own right. The DIFC has its own, stand-alone arbitration law, the DIFC Arbitration Law, which, in turn, is modeled on the UNCITRAL Model … Continue reading The Abu Dhabi Global Market adopts Memorandum of Understanding with Abu Dhabi Judicial Department on enforcement of awards
A recent order of the Dubai International Financial Centre (DIFC) Court of First Instance (see Isai v Isabelle) gives hope that the DIFC Courts’ status as a conduit jurisdiction has been resurrected from the dead and been granted a new lease of life. Readers of this blog will recall previous reporting to the effect that … Continue reading The DIFC as a conduit: resurrected from the dead?
Following the launch of the revised arbitration rules of the Dubai International Arbitration Centre (DIAC) (the DIAC Rules) during Dubai Arbitration Week in November 2017, their adoption by Ruler’s Decree is now (according to confidential sources) imminent and likely to coincide with the official adoption of the new United Arab Emirates (UAE) Federal Arbitration Law, … Continue reading Three, two, one… lift off: a fresh start for arbitration in the UAE?
Following latest International Centre for Settlement of Investment Disputes (ICSID) case law on the subject (Bear Creek Mining Corporation v Republic of Peru), foreign investors are advised to take extra care when making investments in socially unstable and environmentally sensitive parts of the world. This may mean that investors might have to bear contributory responsibility … Continue reading The Creaking Bear: latest developments in investment arbitration in environmentally sensitive projects
The civil unrest that was at the root of the Arab Spring has given rise to a series of investor state claims. Many of these have been brought against a Middle East and North Africa (MENA) host state in arbitration, typically under a bilateral investment treaty (BIT) between the country of the foreign investor and … Continue reading Investment arbitration in the Arab Spring: first lessons
The UK’s exit from the EU has somewhat sunk into people’s minds since the British referendum vote on leaving the EU in June last year. That vote, no doubt, sent shock waves far beyond the shores of the British Isles. It has, to some extent, marginalised the UK on the EU political stage, the UK … Continue reading Brexit and the prospects of investor-state arbitration against the UK: laming, claiming and blaming
This year so far has dealt a severe (some may say mortal) blow to the Dubai International Financial Centre (DIFC) Courts’ status as a conduit jurisdiction. The case law of the Joint Judicial Tribunal (the JT) – a judicial body composed of both onshore Dubai and offshore DIFC Court judges and formed by the Ruler of … Continue reading The DIFC Courts’ conduit jurisdiction: time for a post mortem?
This is the third and final part of a series of three blogs that have discussed in some detail the provisions of the new United Arab Emirates (UAE) Federal Arbitration Law and their prevailing similarities to the existing provisions of the UAE Arbitration Chapter. The comparison so far has shown that the provisions of the … Continue reading UAE Federal Arbitration Law v UAE Arbitration Chapter: old wine in a new bottle? (Part 3)
In Part 1 of this blog, I discussed in some detail the historical background of the United Arab Emirates (UAE) Federal Arbitration Law and its imminent adoption. The discussions in Part 1 also showed that the procedural framework for arbitrations under the Federal Arbitration Law, including in relation to the formation of the arbitration agreement, … Continue reading UAE Federal Arbitration Law v UAE Arbitration Chapter: old wine in a new bottle? (Part 2)
After a long period of gestation, the UAE Federal Arbitration Law is now likely to become a reality: its enactment is scheduled for later this year, having recently been approved by the UAE National Assembly and the Cabinet of Ministers and now awaiting signature by the President of the UAE, Sheikh Khalifa bin Zayed bin … Continue reading UAE Federal Arbitration Law v UAE Arbitration Chapter: old wine in a new bottle? (Part 1)
In light of the most recent case law precedent, the development of the relationship between the onshore Dubai and the offshore Dubai International Financial Centre (DIFC) courts has taken a very unfortunate turn. Since 2004, the DIFC courts have been evolving into a common law forum of choice as an alternative to the onshore civil … Continue reading Dubai courts v DIFC courts: just a jurisdictional stand-off or an outright declaration of war?
In a sequence of recent rulings starting in 2015, the Dubai courts have confirmed that the doctrine of apparent authority does, after all, apply to the formation of arbitration agreements. The former prevailing position was that apparent authority did not have a place in arbitration, which requires a special (rather than just a general) power of … Continue reading Dubai onshore and offshore courts confirm application of apparent authority to arbitration under UAE law