ADGM LAUNCHES NEW ‘MEDIATION IN THE METAVERSE’ SERVICE
On 11 November 2022, the Abu Dhabi Global Market (ADGM) Arbitration Centre launched the world’s first “mediation in the metaverse” service with the aim of revolutionising the delivery of mediation globally.
The service, which is available to both local and international parties, provides a virtual space in which mediations can be conducted. It utilises the latest Web3 technology, allowing parties access to 3D office space. This virtual space, which is accessible via desktop or mobile devices, will mimic the physical space within the ADGM Arbitration Centre and will integrate parties into the space to participate in mediation proceedings.
This service should not only reduce the costs of mediation by removing the need for parties to incur additional time and costs of travel (with the added benefit of also reducing parties’ carbon footprint) and physical room-hire costs, but also allow for mediations to take place more swiftly.
This is an exciting and innovative development for dispute resolution in the ADGM, and the wider region, consistent with the ADGM’s stated mission to “promote economic and financial sector growth through a world-class innovative financial centre”.
To know more about the dispute resolution processes available in the ADGM, please contact Sara Sheffield (Partner) sara.sheffield@crsblaw.com.
“Early settlement of disputes through mediation helps preserve business relationships and frees up company resources, allowing organisations to focus on core business priorities.”
