The Dubai Chamber of Commerce & Industry (DCCI) at the weekend hosted the semi-annual meeting of the International Business Law Consortium (IBLC) giving Dubai an opportunity to showcase its successful experience in international commercial arbitration in addition to exchanging legal expertise and opening new channels of communication and cooperation amongst legal professionals from all over the world.
The meeting, organised by the Dubai International Arbitration Center (DIAC) and held at the DCCI premises on February 25-26, 2006, was attended by more than 100 top international legal experts, directors of world financial institutions and international consultants in business law.
The IBLC represents a congregation of 35 esteemed legal experts and jurists from North America, Europe, Asia, Latin America, Middle East and Africa. It brings together a large number of independent law, tax and consultancy firms that operate under the auspices of the Center for International Legal Studies to cultivate and manage transnational legal knowledge and promote efficient and effective professional services.
The meeting provided an opportunity for delegates to discuss several working papers presented by a number of experts in international commercial arbitration and emerging financial centers. The meeting also sought to introduce the IBLC's educational and professional programs regarding the development of law and other legal professions.
"The importance of DIAC lies in the advantages disputing companies could acquire in terms of saving time and money and ensuring more flexibility in control," stated Dr. Al Talhuni, Director of the DIAC.
"It also preserves the business relations between the two disputing parties and ensures more privacy and secrecy concerning the dispute issue, where arbitrators are recognized for their technical knowledge of the dispute and their qualification in resolving it in a faster and more efficient way than being referred to the ordinary national courts," he added.
Dr. Al Talhuni observed that the DIAC, which was established in 1994 as an initiative launched by the DCCI, aims to provide conciliation services among the disputing parties according to international standards.
It also raises awareness of arbitration amongst local, regional and international commercial circles, and advises parties on various international arbitration rules and on drafting their conciliation and arbitration agreements.
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