DIAC and HKIAC Announce Strategic Collaboration through Milestone MoU
September 21, 2023
Dubai and Hong Kong, UAE – 12 September 2023–
Marking a landmark moment in the field of international arbitration, the Dubai International Arbitration Centre (DIAC) and the Hong Kong International Arbitration Centre (HKIAC) have formalised a Memorandum of Understanding (MoU). This partnership underlines the collective ambition of both centres to champion the growth and adaptation of international arbitration and other alternative dispute resolution methods on a global scale.
Jehad A. Kazim, Executive Director of DIAC, stated, “Our alliance with HKIAC reflects a shared pledge to elevate the standards in international dispute resolution. As Dubai and Hong Kong remain key nodes in global commerce, this MoU reaffirms DIAC’s commitment to build strategic alliances and reinforce Dubai’s position as a reliable hub for alternative dispute resolution.”
Mariel Dimsey, Secretary-General of HKIAC, remarked, “This MoU provides a strong platform for both HKIAC and DIAC to jointly promote and develop international arbitration as a preferred method of dispute resolution for cross-border commercial disputes involving companies and businesses headquartered across the Middle East, Hong Kong, and China. The MoU is timely given Chinese investment flows to the Middle East and Hong Kong‘s status as a hub for Belt and Road disputes.”
The Vitality of Collaborative Efforts in Advancing International Arbitration
The thriving economic dynamics between Hong Kong, Dubai, and China and Dubai are undeniable. Over the years, these ties have grown, making Hong Kong and Dubai significant gateways for economic activities and investments.
According to recent statistics, the bilateral trade volume between China and the UAE has soared, turning Dubai into a top trading partner for China in the Middle East region. Brimming with mutual benefits, this symbiotic relationship has facilitated many business opportunities, technological exchanges, and infrastructural developments. With the “One Belt, One Road” initiative, Hong Kong’s role has become even more pivotal, being the strategic juncture between mainland China and its Middle Eastern trade partners.
The DIAC-HKIAC MoU, in this backdrop, is not merely a collaboration but a monumental step to further streamline and bolster these robust economic ties. It symbolises the forward-looking vision of both centres, ensuring that as trade and investments surge, the disputes that arise have a modern, agile, and effective resolution mechanism in place.