The world of arbitration is busier than ever. Historically, periods of uncertainty have provided fertile ground for legal disputes and the latest global crisis only seems to have cemented that phenomena. This is also evident from the global rise of thirdparty funding of litigation and arbitration proceedings, which is reportedly set to increase in 2023 as the economy slows. Perhaps this is unsurprising given the level of uncertainty faced globally. Indeed, the fact that Collins Dictionary’s word of the year in 2022 was “permacrisis”, defined as, “An extended period of instability and insecurity, especially one resulting from a series of catastrophic events” perhaps supports this.
Looking inward to the MENA region, and arbitration specifically, are regional arbitration centres and seats ready to capitalise on the projected rise in disputes? Have the region’s arbitration laws, and local courts gained the full confidence of arbitration users, who will depend on them in times of crisis for their business?
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This article was originally published on theoath-me.com.