Understanding between "Abu Dhabi International Arbitration" and"Abu Dhabi for family businesses" To enhance cooperation in resolving disputes
ABU DHABI, 18th February, 2018 (WAM) – The Abu Dhabi International Arbitration Center signed a memorandum of understanding with the Abu Dhabi Family Business Council, affiliated with the Abu Dhabi Chamber of Commerce and Industry, as part of a strategic partnership aimed at supporting and enhancing long-term sustainability and consolidating governance principles for family businesses in the country.
According to a press release issued today, the memorandum establishes a comprehensive framework for cooperation aimed at enhancing the legal strength of family businesses, establishing solid corporate governance practices, and developing effective and integrated mechanisms for preventing and resolving family business disputes.
Under the memorandum, the two parties will cooperate to enhance the use of the appointment of arbitrators and neutral parties, mediation, and arbitration as reliable and effective tools to both protect commercial interests and preserve family relations.
These mechanisms contribute to supporting the smooth transition across generations and settling disputes in a private and confidential environment, in line with the best international standards and the highest levels of procedural integrity.
His Excellency Dr. Ali bin Harmal Al Dhaheri, Chairman of the Board of Directors of the Abu Dhabi International Arbitration Center, affirmed the center’s firm commitment to developing an advanced and integrated system for resolving family business disputes, in a way that responds to the requirements of modern trade and keeps pace with the complexities of family structures and their interactions.
He said that this agreement represents an important step towards expanding the use of mechanisms for avoiding and settling private and confidential disputes as effective tools for maintaining commercial and family relations. Through this memorandum, we seek to enhance the legal strength of family companies, consolidate institutional governance, and establish effective frameworks for judicial adjudication, mediation and arbitration in accordance with best international practices.
For his part, His Excellency Khalid Abdul Karim Al Fahim, Chairman of the Board of Directors of the Abu Dhabi Family Business Council, said that this agreement comes in support of the Council’s efforts to strengthen the legal foundations and institutional governance upon which the sustainability of family businesses is based and to ensure the smooth transfer of leadership across generations. Through this cooperation, we are working to provide an advanced environment that enhances the stability of family businesses and supports their vital role in driving sustainable economic growth in the Emirate of Abu Dhabi and the UAE.
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