The report said that UAE president Sheikh Khalifa bin Zayed Al Nahyan has issued the Federal Law No. 6/2018 on Arbitration in Commercial Disputes.

The introduction of the Federal Arbitration Law is one of the most significant law reforms to be undertaken by the UAE Government in recent times. Thought to be imminent since the UAE acceded to the 1958 New York Convention in 2006, the Federal Arbitration Law is based on the internationally accepted UNCITRAL Model Law, which has been adopted in 111 jurisdictions across 80 states. The countries that have adopted the Model Law are commonly perceived to be arbitration friendly jurisdictions. The modernisation of the law governing arbitration in the UAE, and its harmonisation with international standards and the New York Convention, to which the UAE is a signatory, will be greeted enthusiastically by businesses and the international arbitration community.