Developing Maritime Arbitration: DIAC and HKMAG Ink a Memorandum of Understanding
October 18, 2023
DUBAI, October 2023 –
As a cornerstone of global trade and commerce, the maritime sector has continually emphasised the significance of effective dispute resolution mechanisms. In a move that highlights this ethos, during the Hong Kong Arbitration Week, the Dubai International Arbitration Centre (DIAC) and the Hong Kong Maritime Arbitration Group (HKMAG)
have inked a Memorandum of Understanding (MOU). This collaboration is poised to strengthen the global maritime arbitration framework further.
Core Pillars of the Collaboration:
- Panel Enhancement: DIAC aims to broaden its maritime arbitrator panel, with HKMAG facilitating this expansion through knowledge transfer.
- Knowledge Synergy: A roadmap for joint training and knowledge sessions has been charted to uphold and disseminate industry best practices.
- Arbitrator Recommendations: Mutual suggestions for arbitrators will further diversify and bolster the combined expertise.
, Executive Director of DIAC, said, “Working with HKMAG is a significant step for us. Through this collaboration, we’re looking to effectively address maritime disputes and improve our arbitration practices.”
, President of HKMAG, commented, “Partnering with DIAC aligns with our goal of practical cooperation. Together, we aim to bring tangible benefits to the maritime arbitration community.”
Recent data from the Dubai Maritime Authority indicates a promising 12% yearly growth in maritime enterprises. This trajectory aligns with DIAC’s efforts to augment its maritime arbitration capabilities, further emphasised by its active role in the upcoming ICMA XXII
HKMAG is an independent Hong Kong arbitral institution whose members are experienced and knowledgeable professionals specialising in the resolution of maritime and commercial disputes. HKMAG is a qualified institution under the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region.
Contact and media inquiries:
Phone: 800 DIAC (800 3422) / +971 4 364 5400