Resilience in Action: The UAE’s Readiness for Future Disputes

[Music] good morning everyone your Excellency distinguished guest esteemed participant of Abu Dhabi Finance week welcome to the UAE welcome to the capital of capital it is an honor to join the Third Edition of resolve under the patronage of his highness she khed B Muhammad bin zah Alyan Crown Prince of Abu Dhabi chairman of the executive Council of the Emirates of Abu Dhabi an appreciation goes to his Excellency uh Ahmed JM zahabi chairman of the abudhabi Department of Economic Development and Abu Dhabi Global Market for hosting this significant Forum this event reflects our commitment to a vibrant sustainable and Innovation driven economy inspired by the Visionary leadership to ensure Justice Equity opportunity through a robust legal framework resolve showcases Abu Dhabi position as a global leader in Innovation resilience and progress and financial and legal system resilience highlights the critical need for a policy makers to align legal framework with the demand of our rapidly changing economies as we explore the Nexus of Finance technology and Justice we reaffirm our commitment to fairness transparency and shared Prosperity the uae's Legacy in dispute resolution predates its Union built on on the wisdom of visionary leader who valued Justice and societal Harmony early system were rooted in a principle of Integrity fairness and respect for a community welfare in the past disputes whether it is a tribal or a commercial were resolved by trusted mediators chosen by the ruler at that time these mediators upheld a truth and protected the welfare of closet communities demonstrating a justice system that thrived even in the absence of a formal Court structures with the Union of the Emirates this Legacy evolved under the Visionary leadership of the late Sheik Zed B Sultan Al nahan recognizing that institutionalizing Justice was essential for a growing Society the UA Founding Father established a Judicial framework rooted in a fairness and transparency the UAE boast one of the Region's most advanced Judicial System supporting a globalized economy with Integrity Innovation and resilience ranked number one in the Arab world for rule of law ninth globally on contract enforcement our justice system adapts to the evolving needs of Commerce and investment driven by the ministry of Justice as a catalyst for Innovation the UAE arbitration law governs both commercial and investment arbitrations offering parties from freedom to choose ad hoc or institutional rules the recent Amendments have advanced modern Technologies enabling online dispute resolution and e-commerce and AI related disputes while enhancing confidentiality and data protection the new law on mediation and conciliation establishes a framework for a mediation Center or odr platforms under this law the UA the ministry of Justice launched a federal e mediation platform providing outof Court settlement for a civil and Commercial disputes this Innovation reduces litigation cost addresses judicial backlogs and supports the UAE vision for a modern efficient and accessible justice justice system we intro we we introduced alternative dispute resolution mechanism including mediation and conciliation centers family guidance committee and labor dispute resolution committee to resolve dispute amicably before litigation the UAE host a world class ADR services in Mainland and in the financial free zone with institution like Abu Dhabi commercial conciliation and arbitration Center Dubai arbitration Center and the international Islamic Center for reconciliation and arbitration additionally adgm and the IFC courts serve as an independent common law jurisdiction for a civil and a commercial disputes the UAE arbitration ecosystem supports online dispute resolution for e-commerce and AI related disputes ensuring confidentiality and data protection and reflecting our commitment M to a modern and Innovation justice system we aim to position the UAE as a regional leader in a commercial arbitration with the ministry of Justice driving initiatives to make to make it the foremost choice for arbitration disputes our goal is to have 80% of the UA arbitration Center classified as a regional centers for excellence fostering confidence and certainty for investor and businesses aligned with the UAE eths of bold Innovation legal reforms like decree number law number 26 of 2020 which allows up to 100% foreign ownership in a certain sectors have enhanced the investment landscape and driven sustained growth this resilience is evident in the issuance of over 40,000 new trade license at that at that in in 2020 a 4% increase from 2019 underscoring the strength of our legal framework even during Global challenges like the covid-19 which hit the world our judicial level a pro enfor pro enforcement approach is evidently adopted by state courts this is emphasized by the fact that the UA has a wide network of over 120 bilateral and multilateral investment treaties as well as a comprehensive trade partnership providing for a sever several ADR mechanism and supporting the recognition and enforcement of foreign Awards adapting to the digital era Technologies like digital asset cryptocurrency metaverse and AI have disrupted the traditional legal framework and raised data privacy concern the UA has embraced Innovation Integrity Aid driven judicial process to ensure Swift and transparent justice key advancement include the AI powered system virtual litigation smart courtrooms and blockchain courts over 90% over 95% of the federal litigation are now conducted remotely from filing to hearing due to Legal reforms in a landmark step the UAE launched the region First artificial lawyer with the trials beginning in 2025 powered by the unified National legislative database it streamlines simple cases while maintaining top cyber security and data privacy standards through the uae's government Cloud infrastructure to enhance the uae's global business environment we establish a specialized Court divisions under the civil procedure law enabling a crossborder dispute to be litigated in a foreign languages institutions like the adgm and DFI D the IFC cours lead an alternative dispute resolution handling complex cyber technology and blockchain cases these courts utilizes virtual hearing and electronic communication to ensure efficient and secure resolution this Evolution reinforces the UA position as a global leader and digital Financial ecosystem balancing core values with the demand of rabid evolving world looking forward the U the future of Justice in the UAE is one of the content continual adaptation grounded by our values and responsive to change our vision is a clear to create a fair accessible and Progressive legal environment that upholds International best practices and addresses future challenges by blending Heritage with modernity the UA justice system will continue to serve as a beacon of a trust for Generation to come as I conclude I hope this forum Sparks innovation ideas to address challenges and create a meaningful low policy solution to elevate the sector's value this will strengthen the marketplace while embracing the diverse interest of policy makers Regulators technology expert and legal practitioners thank you and I wish you a very productive forum [Applause] [Music]