Dubai enhances efficiency of dispute resolution sector

@DXBMediaOffice/ Twitter

In his capacity as the Ruler of Dubai, Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued a decree on the Dubai International Arbitration Centre (DIAC).

Decree No. (34) of 2021 dissolves the Emirates Maritime Arbitration Centre and the Dubai International Financial Centre Arbitration Institute and merges their operations and assets into the DIAC.

The move supports Dubai’s efforts to enhance the efficiency of its alternative dispute resolution sector and reinforce its growing status as a global arbitration hub.

The DIAC is an autonomous non-profit institution that provides regional and international business communities with world-class arbitration services.

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.

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.

The latest Decree replaces Decree No. (10) of 2004 relating to the establishment of the DIAC and annuls any legislation that contradicts the provisions of the new Decree.

The Centre has been directed to comply with the new Decree within six months of its effective date.

The newly issued Decree also outlines the Dubai International Arbitration Centre’s objectives, functions and organisational structure at three levels: the Board of Directors, an arbitration court to be formed in accordance with the new merged structure, and the administrative unit of the Centre.

According to the Decree, the Dubai International Arbitration Centre’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.

The DIAC will also 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.

More from Business News

  • DMCC records 7% growth in Indian companies

    The Dubai Multi Commodities Centre (DMCC) announced Indian companies now account for 16 per cent of the international business district’s total member base, a 7 per cent year-on-year increase.

  • Dubai becomes autism-certified destination

    Dubai has officially gained the recognition as an autism-certified destination, underscoring citywide efforts to make tourism more accessible and inclusive for all.

  • Dubai World Trade Centre generated AED 22.35 billion in 2024

    His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, and Chairman of the Dubai Executive Council, has announced that the Dubai World Trade Centre (DWTC) generated an economic output exceeding AED 22.35 billion in 2024.

  • OpenAI unveils slimmed-down ChatGPT deep research tool

    OpenAI has announced the launch of a new version of its advanced tool 'Deep Research' integrated into ChatGPT, maintaining a high level of quality while introducing enhanced accessibility across user tiers.

Blogs