Sharjah Chamber Enhances Cooperation With Hong Kong In International Commercial Arbitration

The Sharjah Chamber of Commerce and Industry (SCCI) recently hosted a high-level judicial delegation from the Hong Kong Special Administrative Region to explore avenues for enhancing cooperation in commercial and investment laws. The discussions aimed to establish a strategic partnership to improve the investment climate and boost bilateral trade between the UAE and Hong Kong.

The meeting, held at the Sharjah Chamber’s headquarters, was attended by Abdullah Sultan Al Owais, Chairman of SCCI, and Paul Lam, Secretary for Justice of Hong Kong. Other notable attendees included Abdullah Daifis, Chairman of the Executive Committee of the Sharjah International Commercial Arbitration Centre "Tahkeem", and Mohamed Ahmed Al Shehhi, member of the TAHKEEM Executive Committee.

Also present were Mohammed Ahmed Amin Al Awadi, Director-General of SCCI; Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI; and Dr. Ahmed Saleh Al-Ajla, Director of Tahkeem. Senior managers and officials from the Sharjah Airport International Free Zone Authority (SAIF Zone) also participated, along with top legal officials and specialists in international commercial arbitration from both regions.

The meeting delved into key laws and regulations that stimulate economic growth in both Sharjah and Hong Kong. Both sides highlighted their advanced legislative frameworks that attract foreign investment and encourage business establishment across various economic sectors. The discussions also covered arbitration rules and mechanisms, underscoring their importance in managing and resolving commercial disputes.

Abdullah Sultan Al Owais welcomed the delegation, affirming that the meeting represents a significant step towards enhancing economic relations between Sharjah and Hong Kong. He noted that the UAE is a key trade partner for Hong Kong, with bilateral trade witnessing substantial growth in recent years. The meeting is essential for bolstering economic cooperation, particularly with existing agreements on double taxation and investment promotion.

Paul Lam emphasised that the meeting helps foster joint cooperation, expand economic relationships, and facilitate the exchange of information about arbitration. This effort leverages both sides' expertise to promote arbitration and alternative dispute resolution methods. He noted that these initiatives would enhance the competitiveness of business environments in both regions.

The Sharjah-Hong Kong business meeting featured multiple panel sessions where participants explored ways to enhance cooperation between judicial bodies and commercial arbitration specialists. The sessions focused on exchanging expertise in commercial arbitration, highlighting its significance as a method of settling disputes through streamlined procedures, quick issuance of arbitral awards, and confidentiality.

Future Prospects

The discussions underscored the importance of hosting seminars, training sessions, and international conferences on commercial disputes. These efforts aim to reinforce Sharjah's position as a leading regional hub for investment and business operations. The collaboration seeks to serve the best interests of both sides by boosting competitiveness in their business communities and supporting strategic economic sector partnerships.

The meeting concluded with both parties expressing optimism about future collaborations that will drive economic stability and growth in both regions. The strategic partnership aims to create a more integrated and prosperous business environment for both Sharjah and Hong Kong.

With inputs from WAM