Abu Dhabi’s International Financial Centre, Abu Dhabi Global Market (ADGM) has been recognized as the ‘Jurisdiction which has made great progress’ by the GAR Awards 2020.
ADGM was launched as an International Financial Centre (IFC) in 2015 while the ADGM Arbitration Centre (ADGMAC) was opened only in late 2018. Thus, the impact that ADGM has brought about in the arbitration community in this short time frame is truly remarkable.
The GAR Awards took note of three areas in which ADGM made clear strides in 2019, which are – the release of the ADGM Arbitration Regulations, the implementation of Litigation Funding Rules, which are applicable to both trial and arbitration proceedings and the issuance of the first two arbitration-related decisions of ADGM Courts.
“On behalf of ADGM, I am delighted to have accepted the award for ‘Jurisdiction that has made great progress’. I also express our tremendous gratitude and many thanks to all of our clients and partners, and to the arbitration community and profession as a whole, for their support, endorsement and encouragement. The award recognized our progress in 2019, and we look forward to continuing our work to ensure that the UAE remains a global leader in dispute resolution.”
ADGM launched a Panel of Arbitrators in March of this year. This is structured to be a tool that parties and their counsel can use when choosing their arbitrator, with diversity and global scope as key factors towards forming the Tribunal. Then, in June 2020, the ADGM Founding Law was amended which further strengthened its mechanism for dispute resolution.
Since its inception, ADGM has maintained its position as a regional leader and conflict resolution destination through international best practices and standards in its services portfolio.
GAR is the leading forum for news and global information on international arbitration. Each year the GAR Awards honor leaders in the global arbitration community for their contribution to the industry.
