DUBAI, 15th August, 2023 (WAM) — Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has revealed that it received a total of 75 mediation cases during H1 2023.
Mutually agreeable settlements were achieved in 35 of these cases, representing a success rate of 46.7% and highlighting mediation as one of the most effective means of settling trade disputes quickly and amicably.
The combined value of mediation cases received during the first half of 2023 reached AED42.3 million. The 35 cases that were resolved had a total value of AED20.8 million, underlining the importance of the chamber’s mediation services to its members and the private sector in the emirate.
Mediation offers a range of advantages including flexibility, speed, efficiency and confidentiality, as well as helping the parties involved to save time, effort, and money. The service also enables trade relations to continue between the conflicting parties and ensures they maintain full control over the process.
The mediation cases received by the chamber in H1 2023 originated across multiple industries, with the food sector accounting for 28% of total cases. This was followed by construction at 22% and shipping services at 15%.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Dubai Chambers remains committed to protecting the interests of the private sector and the emirate’s dynamic business community. Our mediation services represent an essential tool that enhances the competitiveness of the local business environment and the ability of companies to overcome a wide range of challenges.”
Lootah added that Dubai Chamber of Commerce has proven expertise in assisting private sector companies in resolving their commercial disputes across diverse industries while maintaining their trading relationships to protect their interests and investments.
He highlighted the chamber’s virtual mediation service, which saves time and effort for all the parties involved and supports Dubai’s digital transformation vision to serve customers more effectively and with greater efficiency.
Independent mediators play an impartial role and ensure that conflicting parties are assisted in identifying the issues at the heart of their disputes. Once the facts have been established, the mediator works to build bridges of communication and achieve a mutually agreeable settlement that protects the interests of both parties.
As representatives of Dubai Chamber of Commerce, mediators are not authorised to adjudicate disputes. Their role is to serve as facilitators who bring the parties together, helping them reach an agreement and resolve their dispute without costly and time-consuming legal action.
Dubai Chamber of Commerce offers a range of discounts on mediation services to members and non-members, with a 10% discount available upon submission of two to four mediation applications and 20% discount applied for those who submit five or more applications.