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Singapore arbitration centre announces record figures

The Singapore International Arbitration Centre (SIAC) has recorded a record number of administered cases for the second year running.15 Mar 2017

The centre, which began operations in 1991, also administered the largest aggregate sum in dispute at S$16.95 billion (£9.8 billion), SIAC said.

SIAC's caseload has nearly quadrupled in the last decade, and continues to rise, it said.

SIAC received 343 new cases from parties from 56 jurisdictions in 2016, a 27% increase from the 271 cases filed in 2015 and a 55% increase from the 222 cases filed in 2014.

90%, or 307 of the cases filed in 2016, were administered by SIAC, it said.

Gary Born, president of the Court of Arbitration of SIAC said: "These numbers show that users are increasingly entrusting SIAC with the administration of complex and high-value disputes in arbitration. The increasing administered caseload testifies to its standing as one of the premier arbitration institutions in the world."

SIAC opened an office in Shanghai in 2016, in the China (Shanghai) Pilot Free Trade Zone. SIAC is increasingly popular with Chinese parties and the new office will help the centre to develop closer ties with companies and lawyers in mainland China, it said.

Shanghai is SIAC’s third overseas office and follows the establishment of offices in Mumbai and Seoul.

SIAC published the first edition of its investment arbitration rules in January. The specialised rules offer an alternative to the standard SIAC arbitration rules, addressing issues that specifically affect investment.