For the first time Asian city Singapore along with European city London, have taken the most popular seat – first place– to conduct international arbitration.
According to the 12th version of the School of International Arbitration (SIA) at Queen Mary University of London (QMUL) in partnership with White & Case (LLP) research on ‘Adapting arbitration to a changing world’ Singapore was chosen by 54 per cent.
The survey was about the rankings of arbitral seats and institutions, which is a key reference for decision makers to identify and analyze the needs, expectations, and trends of international arbitration stakeholders.
International arbitration is an increasingly popular route for companies and sovereign states seeking to solve legal disputes instead of heading for the courtroom. Besides London and Singapore, the study found that other cities on the top five list are Hong Kong, Paris and Geneva.
Meanwhile, United Arab Emirates’ Dubai city also has been enlisted in the top 10 cities in the world for international arbitration.
Dubai was the only jurisdiction from the Middle East that surpassed well-known seats such as Vienna and Washington. Analysts also opined Dubai definitely has the potential to climb the ranks.
Meanwhile, the Singapore International Arbitration Centre (SIAC) ranks second after the International Chamber of Commerce (ICC) International Court of Arbitration, Paris.
The United Nations Commission On International Trade Law (UNCITRAL) Arbitration Rules are the most popular regime for ad hoc arbitration. The five most preferred arbitral institutions are the ICC, SIAC, HKIAC, LCIA and CIETAC.
