The ADGM (Abu Dhabi Global Market), established under Federal Law as a commercial and financial free zone in the United Arab Emirates’ capital city, is governed by the 2015 Arbitration Regulations. The Abu Dhabi Global Market’s jurisdiction is governed by the Arbitration Regulations (ADGM). It also has the authority to work to see that all arbitral awards are carried out.
Global Market of Abu Dhabi:
The Abu Dhabi Global Market (ADGM) financial and commercial-free zone opened in 2014 as an independent free zone center for international, domestic, and regional businesses, with three autonomous bodies: (1) the ADGM Courts (2) the Financial Services Regulatory Authority (3) the Registration Authority.
Application of English Common Law:
Abu Dhabi Global Market is the first jurisdiction in the Middle East to adopt a broad range of English statutes on civil matters from the English Common Law.
The following are the members of the ADGM Board of Directors:
The ADGM Board of Directors (ADGM Board) has the authority to ratify ADGM legislation, rules, and statutes.
The Arbitration Regulations of the ADGM are as follows:
DDR Lawyers are worried about the Arbitration Rules and Regulations, as they are involved in the Arbitration Practice and actively observe the Arbitration process in the UAE. To achieve their goal through top-notch arbitration, the ADGM Board decided to create a wide-ranging set of legislation to preside over the arbitration and to enforce Arbitral Awards within ADGM Jurisdiction while beginning the Arbitration Rules and Regulations.
International Commercial Arbitration:
On June 21, 1985, the United Nations Commission on International Trade Law (UNCITRAL) passed a Model Law on International Commercial Arbitration (1985), which was improved in 2006. The Model Law is designed to assist States in upgrading and transforming their laws on the arbitral procedure to reflect the unique characteristics and needs of international commercial arbitration.
The Model Law of the ADGM is as follows:
It is worth noting that the ADGM courts’ ordinary/general approach is based on English Law, whereas the Arbitration Regulations promulgated by ADGM follow the UNCITRAL Model Law for modernization and universal practice in international arbitration, encouraging the international concept of arbitration as an example for financial, business, and commercial disputes for the satisfaction of investors.
No Court Action:
The ADGM Regulations discourage court intervention in arbitral processes. The tribunals have the authority to take care of and decide on the problems that fall under their purview. The arbitral award is final and irreversible. The opportunity for reappraising the merits of the contested issue to review the Arbitral ruling is relatively limited. According to the Regulations, the tribunal has been made impartial, independent, and impartial. The regulations further state that any dispute between the parties in a tribunal must be resolved by due process of law, and that the parties must be treated equally.
Improvements through Adjustments:
While enacting amendments and revisions to make the rules and regulations more current and progressive by internationally recognized arbitration practice. The following are significant updates and enhancements that will be explored further down: –
Increased Confidentiality: All arbitral proceedings in ADGM are kept confidential and may not be revealed to a third party unless required by law.
There will be no open court proceedings:-
All arbitration sessions take place in a closed courtroom.
Third Parties include:
During the ADGM court’s administration of the Arbitral award or any Arbitration process, a third party can be present. The Regulations outline how third parties can be summoned by following the steps outlined below, which are all by the applicable rules:-
1. A request to enjoin a party from participating in the arbitral procedures.
2. The party to be impugner’s written consent
3. It is a necessary part of the interests of justice and does not affect any of the parties interests.
Compromise between the parties or Right Waiver:-
Even though the award is in the final stages of being enforced by the ADGM, the award will be set aside if the parties reach an agreement or any party waives its rights. Even in the last stage of arbitration procedures or after the announcement of the verdict, the parties may agree to a settlement and waive their rights, according to the Regulations.
Remedies that is all-inclusive:
The ADGM is a group of people who work together to Arbitration is a thorough and supportive provision on many issues relating to the hold the arbitration process comprises a wide range of available remedies to assist the parties individually and the arbitration process as a whole.
The ADGM arbitration rules, which are based on UAE federal arbitration legislation, are a fantastic effort since they are transparent, modern, and forward-thinking. It is a step forward to walk through the ADGM Jurisdiction’s arbitration rules, regulations, and proceedings by world-class best practice in the entire area (Middle East) to make its stakeholders more satisfied.