11 March, 2018
The Singapore International Arbitration Centre (SIAC) is pleased to announce the official release of its 2017 Annual Report.
2017 sawSIAC set a new record for the highest number of new case filings and administered cases. SIAC’s caseload continues to grow year on year, and has increased by more than 5 times in the last decade.
In 2017, SIAC received 452 new cases from parties in 58 countries in 6 continents. This was a 32% increase from the 343 cases filed in 2016 and a 67% increase from the 271 cases filed in 2015.
SIAC administered 93% or 421 of the cases filed in 2017. The aggregate sum in dispute for all new case filings amounted to USD4.07 billion (SGD5.44 billion).
Whilst India and China remained significant contributors to SIAC’s caseload, SIAC’s top ten foreign user rankings also saw new entrants from Europe and the Middle East, underscoring SIAC’s global appeal to users from diverse legal systems and cultures.
Further details of SIAC’s case numbers are available in the 2017 Annual Report.
Mr Gary Born, President of the Court of Arbitration of SIAC, said, “SIAC has seen significant increases in its caseload each year and more parties from a growing number of jurisdictions, which is a testament both to user confidence as well as SIAC’s international reach and standing as a premier global arbitral institution.”
Mr Davinder Singh, SC, Chairman of SIAC, commented, “SIAC is where it is today because of Singapore’s reputation for integrity and the rule of law, its status as a trusted and sophisticated hub and the Singapore Courts’ support for and active contribution to the development of the law and practice of international arbitration. I would like to thank the SIAC Court of Arbitration, the Board of Directors and the excellent management and staff of SIAC for their invaluable contributions and relentless pursuit of SIAC’s goals.”
Ms Lim Seok Hui, CEO of SIAC, said, “We are delighted to have recorded another milestone achievement. This will keep us firmly motivated to do better. My team and I would like to thank our partners and friends in the local and international legal and business communities for their continued faith in SIAC.”
