The prominent Dubai lawyer Habib Al Mulla has taken over as the chairman of the board of trustees at Dubai International Arbitration Centre (DIAC) amid fewer arbitrations as the emirate’s economy continues to recover.
The appointment of Mr Al Mulla follows a decree issued last month by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, reshuffling the centre’s board.
Mr Al Mulla, who previously served as the board’s vice chairman, is the first Emirati chairman in the centre’s history, and will retain his position as the chairman of the law firm Baker & McKenzie Habib Al Mulla.
Mr Al Mulla said that the centre’s workload has declined in recent years as Dubai’s economy continues to recover after the collapse of the emirate’s real estate market in late 2008, which prompted a flood of arbitrations as companies scrambled to recover costs from stalled projects.
“The disputes resulting from [the aftermath of the crash] have already been filed, and there are now far fewer disputes,” he said. “Because the economy’s recovering, people are now in the mood for doing business rather than pursuing litigation and arbitration, which explains why the high volume of cases has now settled down.”
The number of arbitrations registered at DIAC nearly trebled to 292 in 2009 after the property market crash the previous year. After a peak of 440 arbitrations registered in 2011, the centre’s caseload has been in decline for the past three years, with only 90 cases taken on in the first six months of last year.
“The economy’s doing well. When that’s the case, it means you have less disputes and more transactions. Even those who have disputes have a greater tendency to settle them and move on,” he said.
While DIAC is the busiest arbitration centre in the Middle East, the centre continues to be held back by a lack of a modern arbitration law, said Mr Al Mulla.
“There have been many statements about a new law and many drafts circulating, but we’re still waiting,” he said.
“There have been some quite strong statements that this law will be passed in 2015. I’m generally sceptical about such statements.”
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Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Schedule for Asia Cup
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More on Yemen's civil war
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.