United Arab Emirate’s Dubai has been ranked among the top 10 cities for international arbitration.
The significant boost to Dubai’s status was revealed through a latest report that followed a research by the School of International Arbitration (SIA) at Queen Mary University of London and White & Case LLP.
Only jurisdiction from the Middle East
Dubai was the only jurisdiction from the Middle East which was on the list of the top ten ranked arbitral seats, alongside the most preferred seats of London, Singapore, Hong Kong and Paris.
This is according to the 12th version of the International Arbitration Survey titled ‘Adapting arbitration to a changing world’.
it is worthy to note that Dubai surpassed well-known seats such as Vienna and Washington.
The survey was all about the rankings of arbitral seats and institutions, which is a key reference for decision makers to identify and analyse the needs, expectations, and trends of international arbitration stakeholders.
According to the research report, more than 1,200 questionnaire responses were received and 198 interviews conducted with specialists in 53 cities worldwide over five months.
Also Read: Ghana, Ivory Coast urge Cocoa Industry to pay more in premiums
This was the widest-ever pool of respondents since its first edition in 2006.
Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum took to his official social media accounts to hail the rankings.
The survey showed that the most import five adaptations that would make arbitral seats more attractive are ‘the greater support for arbitration by local courts and judiciary, increased neutrality and impartiality of the local legal system, better track record in enforcing agreements to arbitrate and arbitral awards, ability to enforce decisions of emergency arbitrators or interim measures ordered by the arbitral tribunals, and ability for local courts to deal remotely with arbitration-related matters.’
Congratulations to the UAE on Dubai's achievement of being the only jurisdiction from the Middle East on the top 10 ranked International arbitral seats globally according to @QMUL & @WhiteCase.We're very proud of the team at Dubai Int. Arbitration Centre for being the regions 1st pic.twitter.com/T6sD1Phvnx
— Maktoum Bin Mohammed (@MaktoumMohammed) June 1, 2021
The survey analysis expects that Dubai has the potential to climb higher up the arbitration ladder.
It recommended the “activation of a dynamic arbitration ecosystem led by the government and framed by targets and key performance indicators” so as to ‘attract international arbitration cases.’
Also Read: Nigeria to prepare its economy for a post-oil era
This ecosystem should also partner with stakeholders representing the Dubai Judiciary, arbitral institutions, arbitrators, law firms, and schools of law, united towards a common goal of achieving a leading position among international arbitration seats, the survey said.
Early this year, Dubai ranked among top ten best cities in the world.
Ranking Best City in the Middle East and Africa, Dubai also moved up to the sixth rank from last year’s ninth position in the 10 World’s Best Cities for 2020.
North America-based tourism, city and real estate advisors Resonance Consultancy ranked the world’s best cities with populations of over a million. The rankings are based on 22 areas grouped into six core categories – Place, Product, People, Prosperity, Programming and Promotion.
Dubai was ranked in sixth place, behind London, New York, Paris, Moscow and Tokyo and ahead of Singapore, Los Angeles and Barcelona.
Further down the list, Abu Dhabi was ranked in fifteenth place for the 2021 list. It was praised for its tourist attractions including the Burj Khalifa, malls and activities, its diverse mix of nationalities, educational attainment and more.
Dubai’s outdoor experiences, which rank fifth globally, were a significant factor in the rankings, as well as safety and weather, which were both ranked eighth.
Also Read: Game-changing daily COVID dashboards in West and East Africa launched
The UAE capital was praised for attracting international talent, ranking in first place in the foreign born residents subcategory and leapt 90 places to sixteenth in the rankings for educational attainment.