Announced at ADGM’s inaugural dispute resolution forum called Resolve 2022, the convention will provide the UAE with a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions. This is similar to what the New York Convention on the Recognition and Enforcement of Arbitral Awards (the “New York Convention”) does for international arbitral awards.
Commenting on joining the convention, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “Joining the Singapore Convention will be a momentous step for the UAE, underlining its progressive spirit and leadership, and reinforcing its position as a global trading hub.”
“With the support of MoFAIC, MoJ and ADGM, this step will help boost international trade and investment, encourage commercial dispute resolution through mediation, and strengthen the UAE as a global business destination of choice.”
