Maritime arbitration in the coronavirus era

Majid Obaid bin Bashir, Chairman and Secretary General of Emirates Maritime Arbitration Centre, explains how the Covid-19 pandemic has affected the sector, and what the plans and upcoming developments are for the future

The economic growth of the region and the resulting increase in trade flow has led to the Middle East’s maritime sector seeing exponential growth over recent years. Global maritime activities are subject to intricate cross-border and complex agreements arising from the diversity of activities concerning affairs of the ocean – such as sales and acquisitions, deployment, shipments of goods and cargo, insurance of the same and contractual relationships over the use of ships. The need, therefore, for a body that could oversee disagreements and resolve regional disputes locally was clear.

One of the first and only maritime offshore and logistics arbitration centres in the Middle East, Emirates Maritime Arbitration Centre (EMAC) was established in 2016, by decree from Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The inauguration of the centre, a recognised branch of dispute resolution, international trade and commerce, with its commitment to infrastructure, technology and support services, symbolises the UAE’s continued endeavours to keep pace with international best practices.

With its default seat of arbitration in Dubai Financial Centre (DIFC), EMAC offers a flexible approach backed by the strong structure of Dubai Courts and is designed to provide services to local, regional and international shipping communities.

Source: Read Full Article