UAE Federal Law No. 6 of 2018, which was issued on 3 May 2018 and formally promulgates a new arbitration law for the UAE, has finally been published. The new law repeals the previous provisions contained within UAE Civil Procedures Law No. 11 of 1992 and shall apply to all arbitral proceedings that are ongoing at the time the law comes into effect.
The new law consists of 61 articles and is based on the United Nations Commission on International Trade Law [UNCITRAL] Model Law.
It is expected that the new law will significantly revamp the existing arbitration provisions. It will go a long way in consolidating UAE’s position as the most attractive hub for arbitration in the MENA region.