Business & Money | Monday 10 February, 2020 12:23 pm |

Ras Al Khaimah Reconciliation and Arbitration center, an initiative of R.A.K Chamber, and the RAK Economic Zones Authority (RAKEZ) in the Emirate have entered into an agreement to support the business community and to enhance the legal environment to support the commercial business by settling commercial disputes arising from these businesses through mediation and arbitration.

In presence of a number of officials from both entities, the agreement is signed by Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK Economic Zones Authority (RAKEZ), and Mohamed Musabah Al Nuaimi, Chairman of the RAK Chamber and President of Ras Al Khaimah Reconciliation and Arbitration center.

Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK Economic Zones Authority (RAKEZ), has emphasized that Rakes works on supporting fulfilling investors' needs and finding quick solutions to the challenges they face in a manner helping them expand and secure their businesses. This in turn would enhance Ras Al Khaimah's position as an attractive investment destination in the region. He has stressed that cooperation with Ras Al Khaimah Centre for Reconciliation Commercial Arbitration is deemed an obligation from RAKEZ to serve investors and to increase their contributions to the development that the Emirate witnesses.

"The agreement supports transformation of the emirate’s economy into a diversified and knowledge-based one which aims to make progress in the business environment and to enhance development and productivity levels", His Highness Sheikh Ahmed bin Saqr Al Qasimi added, "vision of the agreement revolves around achievement of sustainable development objectives, increasing competitive capabilities, and reaching high levels of luxury and economic prosperity in Ras Al Khaimah, in addition to promoting growth of strategic sectors, and providing services to all investors and companies." This vision comes in line with the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah; namely, to attract foreign investments from all over the world to the emirate, and to provide investors with all facilities supporting their investments and growth of their businesses, which in turn will promote economic development and diversity in the emirate.

Mohamed Musabah Al Nuaimi, Chairman of the RAK Chamber and President of Ras Al Khaimah Reconciliation and Arbitration center, said that both parties aspire to achieve ongoing cooperation and coordination between them based on sound legal grounds in order to define objectives and common areas of cooperation. This in turn will benefit the economic development and attraction of investments to the emirate within an institutional framework that is consistent with and does not contradict each other's obligations and competencies, in addition to both parties' endeavor to establish constructive institutional partnerships between them. 

Al Nuaimi added, "the main objective of the agreement is to support business community inside the emirate through promoting consciousness of legal culture concerning mediation and arbitration by holding workshops and seminars with the best local and international legal entities; raising business community's legal awareness through informing it of all laws, decrees, regulations and resolutions necessary for carrying out its businesses; settling its commercial disputes through the fastest, most cos-effective, and most secure means; improving the level of legal services provided to the business community by the Chamber and the Centre; reaching global levels of performance; achieving fast justice; removing all obstacles impeding its progress; and taking all necessary actions which would provide facilitations to litigants through provision of flexible and neutral mechanisms to resolve disputes easily and conveniently".

The agreement includes settlement of commercial disputes between companies through "Commercial Mediation". It is one of the means of amicable settlement of commercial disputes. Mediation is conducted through legal procedures organized in accordance with international standards in order to ensure impartiality and integrity of disputers. The service is provided by consultants of the Ras Khaimah Chamber and Ras Al Khaimah Reconciliation and Arbitration center in accordance with the procedures stipulated in the Statute of the Centre. Service provider is called "the Mediator" who is a neutral impartial third party whose job is to help both parties identify the pints of dispute, facilitate negotiations between the parties, and help them reach an amicable solution of the dispute. All forms of companies and commercial establishments registered inside Ras Al Khaimah (free zone and non-free zone) shall be have the right to file a dispute against any company registered inside or outside the emirate. In addition, the Centre provides commercial disputes settlement services through commercial arbitration and reconciliation.