SHARJAH: The Sharjah International Commercial Arbitration Centre (TAHKEEM) has concluded the first edition of the Urban Arbitration Forum. This event – organised to familiarise investors, suppliers, contractors, and service providers with TAHKEEM and its instrumental role in supporting economic sectors – coincided with the launch of the Sharjah Real Estate Exhibition “ACRES 2024.”
Under the theme, “The Role of Arbitration in Supporting Economic Development,” the forum delved into the concept of economic development and the essential conditions for preserving investments.
Ahmed Obaid Al Qaseer, Executive Director of Sharjah Investment and Development Authority (Shurooq), emphasised the significance of the real estate sector in the UAE, citing the remarkable growth it has witnessed. Al Qaseer highlighted the Maryam Island project as a pioneering initiative constructed using solar energy and equipped with smart systems for a sustainable experience.
The project, progressing through advanced stages, includes a
hotel and a water park in the second phase and is slated for full completion in 2025, boasting high-quality materials and a comprehensive system of activities.
Obaid Abdul Rahman Al Mazloum, Director of the Real Estate Projects Regulation Department in the Sharjah Real Estate Registration Department, underscored TAHKEEM’s expertise in managing arbitration operations. Al Mazloum emphasised that arbitration provides an alternative to traditional judiciary, allowing parties to control the arbitration procedures, especially in disputes that may transcend the municipal framework.
Dr. Hassan Arab, arbitrator at TAHKEEM, outlined that the arbitration rules align with international standards, supported by an administrative staff dedicated to overseeing cases from initiation to the issuance of the final ruling.
The second session, titled “The Role of Arbitration in the Construction Sector,” featured discussions led by industry experts, including Mohammed Al Hammadi, an arbitrator at the Sharjah Centre for Internati
onal Commercial Arbitration, Tariq Al Hammadi, an architect, and Hussein Thanoun Mohammed, Director of the Legal Affairs Department at Alef Group.
They highlighted the importance of contracts, penalty conditions for delays, client awareness of executive matters, and the need for specialised consultants in contracting affairs. Also, they praised TAHKEEM for its flexible, time-saving, and cost-effective approach to problem-solving in the construction sector, emphasising confidentiality, privacy, and speed.
The forum, aimed at familiarising stakeholders with TAHKEEM’s pivotal role in serving economic sectors, provided insights into construction and arbitration fundamentals. It explored TAHKEEM’s support for business sectors, discussed potential collaborations, and addressed the legal nature of construction contracts, factors causing disputes, and amicable dispute resolution methods.
Source: Emirates News Agency