13 Muharram 1446 - 19 July 2024
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Eye of Riyadh
Government | Tuesday 28 May, 2024 8:41 am |

Sharjah Chamber enhances cooperation with Hong Kong in international commercial arbitration

The Sharjah Chamber of Commerce and Industry (SCCI) and a high-level judicial delegation from the Hong Kong Special Administrative Region, explored avenues for enhancing cooperation in the field of commercial and investment laws.


Both sides also discussed establishing a strategic partnership that will not only enhance the investment climate but also spur the development of bilateral trade prospects between the UAE and Hong Kong, driving them to more integrated and prosperous heights.


This collaboration seeks to serve the best interests of both sides, boost the competitiveness of their business communities, and support the development of strategic economic sector partnerships.


The discussions took place during a business meeting held at the Sharjah Chamber’s headquarters. The meeting was attended by Abdullah Sultan Al Owais, Chairman of SCCI, and Paul Lam, Secretary for Justice of the Hong Kong Special Administrative Region, along with Abdullah Daifis, Chairman of the Executive Committee of the Sharjah International Commercial Arbitration Centre “Tahkeem” and a board member at SCCI, and Mohamed Ahmed Al Shehhi, member of the TAHKEEM Executive Committee and SCCI board member.


Also, present were Mohammed Ahmed Amin Al Awadi, Director-General of SCCI; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCC, and Dr. Ahmed Saleh Al-Ajla, Director of the Sharjah International Commercial Arbitration Centre “Tahkeem” which operates under the umbrella of the Sharjah Chamber, alongside officials and representatives from various government institutions and economic companies in Sharjah.


The meeting also saw participation of senior managers and officials from the Sharjah Chamber and the Sharjah Airport International Free Zone Authority (SAIF Zone), in addition to top legal officials, experts, and specialists in international commercial arbitration and representatives of various economic sectors from both the UAE and Hong Kong.


The meeting delved into key laws and regulations that foster and stimulate economic growth in both Sharjah and Hong Kong. Both sides highlighted their advanced legislative frameworks, which help attract foreign investment and encourage business establishment and investment across all economic sectors and activities.


Furthermore, the discussions veered towards outlining arbitration rules and mechanisms, underscoring their significance in managing and resolving commercial disputes, in addition to showcasing the best global practices in this domain.


Abdullah Sultan Al Owais welcomed the visiting delegation, affirming that the meeting represents a significant stride towards enhancing economic relations between Sharjah and Hong Kong. This can be achieved through boosting collaboration in judicial fields and international commercial arbitration, a cornerstone that stimulates investment and catalyses the economic development both nations aim for.


Pinpointing the strength and robustness of the economic ties between the UAE and Hong Kong, Al Owais said that the UAE stands as a key trade partner for Hong Kong, with bilateral trade witnessing remarkable growth in recent years.


He added that the business meeting between the Sharjah Chamber and the Hong Kong judicial delegation is essential for bolstering economic cooperation, particularly with the numerous agreements already in place between the two sides, such as those addressing double taxation and investment promotion and protection.


For his part, Paul Lam emphasised that the meeting helps foster joint cooperation, expand economic relationships, and facilitate the exchange of information and knowledge about arbitration, leveraging both sides' expertise to promote arbitration and alternative dispute resolution methods.


This effort, he noted, would contribute to enhancing the competitiveness of the business environments in both regions, ensuring they remain advanced, contemporary, and attuned to changes within the business landscape.


They also include resolving commercial disputes in parallel with hosting seminars, training sessions, and international conferences on commercial disputes. These endeavours affirm the Center's commitment to reinforcing Sharjah's position as a leading regional hub for investment and business operations.


The Sharjah-Hong Kong business meeting featured multiple panel sessions where participants explored ways to enhance cooperation between judicial bodies and commercial arbitration specialists in Sharjah and Hong Kong.


The sessions delved into exchanging expertise and knowledge in commercial arbitration, highlighting its significance as a method of settling disputes that meets investors' needs through streamlined and flexible procedures, quick issuance of arbitral awards, and confidentiality, which all contribute significantly to economic stability and growth.


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