International Arbitration
Singapore International Arbitration Centre (SIAC) announced the registering of 1,080 new cases in 2020 which is 125% more than the year 2019. This tremendous growth is attributed to Singapore’s connectivity with the biggest economies of the world. By utilizing its geographical advantage and its continuous efforts to be on par with the legal practice of different jurisdictions SIAC is becoming the most sought-after destination for Arbitration.
SIAC says it received 1,063 administered cases and 17 ad hoc appointments with the disputed sum of SG$11.25 billion (US$8.49bn). The cases doubled from that of 2019, which itself was an all-time high. Of these cases, 94% had an international dimension. India pioneers the list by filing 690 cases with arbitration, followed by 545 cases involving US parties. On the whole, cases were filed from 60 jurisdictions last year.
It is worth mentioning that SIAC has entered a Memorandum of Understanding (MoU) with the ADGM Arbitration Center (ADGMAC) on April 8, 2021. The MoU would be a great opportunity for both countries to collaborate and mutually help in international arbitrations and arbitration hearings held in Abu Dhabi and Singapore.
Source : https://www.ft.com/content/5e647e8a-be1c-4145-9cb4-83e6296d9921
