Friday 22 October 2021

Dubai plans to sets up international arbitration centre

DUBAI, September 18, 2021

In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister HH Sheikh Mohammed bin Rashid Al Maktoum has issued a decree seeking the merger of Emirates Maritime Arbitration Centre and Dubai International Financial Centre (DIFC) Arbitration Institute into the Dubai International Arbitration Centre (DIAC).
The decree dissolves the two entities and merges their operations and assets into the DIAC, an autonomous non-profit institution that provides regional and international business communities with world-class arbitration services.
It supports Dubai’s efforts to enhance the efficiency of its alternative dispute resolution sector and reinforce its growing status as a global arbitration hub. 
Pursuant to the decree, the ownership of real estate, assets, funds, staff, financial allocations and membership base of the two dissolved arbitration centres will be transferred to the DIAC. 
However, the Dubai Courts and DIFC Courts will continue to hear claims, applications and appeals related to any arbitration proceedings conducted in tribunals of the dissolved arbitration centres.
According to the decree, the DIAC’s major objectives include establishing Dubai as a leading global centre for alternative dispute resolution, promoting alternative dispute resolution mechanisms and serving the emirate's financial and business community.
Further to the decree, it will establish a new arbitration court consisting of 13 members, including its president and vice president. 
The new court’s members, who will have locally and internationally accredited arbitration expertise, will be appointed by decisions of the Centre's Board of Directors for a non-renewable term of four years.-TradeArabia News Service


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