Sultan bin Ahmed Al Qasimi opens Industrial Arbitration Forum

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Media Council, SMC, inaugurated the Industrial Arbitration Forum on Wednesday.

The forum is held under the patronage of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. Organised by the Sharjah International Commercial Arbitration Centre, TAHKEEM, in collaboration with the Exports Development Centre, an affiliate of the Sharjah Chamber of Commerce and Industry, and the Sharjah Economic Development Department, the event was held at the Al Jawaher Reception and Convention Centre in Sharjah, in the presence of dignitaries, experts, local and international arbitrators and businessmen.

Abdulla Sultan Alfan Al Shamsi, Assistant Under-Secretary for Industrial Affairs at the Ministry of Energy and Industry, and Abdullah Deaifis, Chairman of the Executive Committee of TAHKEEM, were also in attendance.

The Sharjah Commerce and Tourism Development Authority opened the forum with an informative video presentation on the diversified and thriving investment opportunities within Sharjah’s industrial sector.

TAHKEEM presented a commemorative plaque to Sheikh Sultan bin Mohammed bin Sultan Al Qasimi in appreciation of his support. It was received on his behalf by Sheikh Sultan bin Ahmed Al Qasimi. The forum’s key speakers were also honoured on occasion.

Abdullah Deaifis delivered a welcome speech in which he emphasised the pivotal role of the UAE in enacting laws and legislation that safeguard the rights of all parties in the commercial, real estate and industrial sectors.

"As part of the legislative and legal achievements over the past period, the role of TAHKEEM is to ensure the protection of the rights of all conflicting parties while resolving disputes according to integrated rules that contribute to maintaining a safe investment environment. TAHKEEM was founded under an Emiri Decree issued by H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah; it has an independent, corporate personality and operates under the umbrella of the Sharjah Chamber of Commerce and Industry.

"This forum is one of the most important channels of communication through which we hope to discuss the best methods and practices to serve the interests of all parties as the growth of this sector is dynamic and continuously evolving.

"The Industrial Arbitration Forum is the latest in a series of specialised gatherings TAHKEEM has organised to meet the arbitration needs of multiple vital sectors. Recently, we organised a seminar on real estate arbitration and a panel session on the banking sector, and we will seek in the future to hold more of these seminars and meetings," Deaifis added.

Delivering the forum’s opening address, Abdullah Al Shamsi said, "The industrial sector is especially important to the wise leadership of the country as it is an enabler for economic diversification and an economic pillar of the UAE Vision 2021. This underlines the importance of intensifying efforts to accelerate industrial development and promote competition between national industries and exports while focussing on knowledge-based industrialisation, innovation, scientific research and advanced technology."

He further said that the Ministry of Energy and Industry is collaborating with its respective state departments at the federal and local levels, and the private sector, to achieve the national target of increasing the industrial sector’s contribution to the country's GDP from 16 percent to 20 percent by 2021 and 25 percent by 2025.

Last year saw the establishment of the Industrial Coordination Council under the chairmanship of Sultan bin Saeed Al Mansouri, Minister of Economy, with representatives from all government bodies concerned, as well as the private sector represented by the Federation of UAE Chambers of Commerce and Industry, and the Industrialists Union Society, Al Shamsi explained, adding that the council aims to promote joint action, as well as integrate roles to identify the most prominent trends and priorities in the industrial sector.

"Encouraging industrial investment is the key focus of government plans and initiatives that will develop national industries with a particular emphasis on value-adding industries that support the transition to a post-oil economy for sustainable growth and high competitiveness.

"Intent on providing the industrial sector with an investment-conducive environment and attractive incentives, the UAE is renowned for its world-class infrastructure and logistics, an advanced energy sector, an efficient digital and technological environment, quality government services, tax and customs incentives, business-friendly legislation, political stability and a strategic geographic location. This is why the country is a leading financial and commercial destination that supports the growth of the industrial sector and ensures accessibility to various regional and global markets," Al Shamsi explained.

Until the first half of 2017, the total volume of investments in the UAE’s industrial sector hit more than AED130 billion, representing a growth of about two percent when compared with 2016. However, he added, industrial investments are expected to make more significant strides in the next phase thanks to the pioneering policies adopted by the government.

Al Shamsi concluded by saying that the enhancement of commercial arbitration practices for the industrial sector, as well as developing solutions and legal applications according to the best international standards represent an essential step for increasing investment in this vital industry.

"Efficient arbitration practices increase confidence in the industrial investment environment and provide dynamic and effective mechanisms to resolve industrial conflicts. Therefore, arbitration accelerates the pace of industrial development, overcoming many of the obstacles that face this sector," he said.