An arbitration centre for the shipping industry has been established at Dubai on Tuesday.
The Emirates Maritime Arbitration Centre (EMAC) will be covering disputes within the Middle East maritime industry, according to Gulf News.
It will work together with Dubai Maritime City Authority, which will draft relevant marine laws and regulations on sea shipping, bunker fuel supply, and others that require arbitration when occured within Dubai’s territorial waters.
Among capabilities of EMAC are the handling and settling of ships lease contracts, goods transport contracts, sale of used ships, ship building and repairing contracts, disputes related to the settlement of marine losses, and more.
The EMAC was formed as part of Dubai’s efforts to become a global maritime hub; it was launched by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, the crown prince of Dubai and chairman of the Dubai executive council.
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