With the merger of arbitration centers under the umbrella of “Dubai International Arbitration”

Dubai consolidates its position as a global center for settling commercial disputes

  • The Dubai Financial Center confirmed that the current arbitration services will continue to be provided to the parties to disputes without interruption.

    From the source

  • Issa Kazim: "The merger enhances the position of the Dubai International Financial Center as a preferred option for dispute settlement."

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The Dubai International Financial Center announced the integration of the competencies and powers of the arbitration institution in the center, and the Emirates Center for Maritime Arbitration, within the Dubai International Arbitration Center, into a permanent, independent, non-profit body, aimed at providing commercial arbitration services and settling commercial disputes regionally and internationally, consolidating Dubai’s position as a global center for settlement disputes.

The announcement follows Decree No. (34) of 2021 issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, regarding the Dubai International Arbitration Centre.

competitive

Dubai Financial said in a statement yesterday that this merger will contribute to enhancing the competitiveness of the Emirate of Dubai with arbitration centers on the global scene, explaining that the objectives of the Dubai International Arbitration Center aim to consolidate Dubai's position as a reliable global center for dispute settlement through alternative means of dispute settlement. This step will also ensure enhancing the center's position as a preferred destination for efficient and effective dispute resolution in accordance with the highest international practices.

Services

The Center indicated that the current arbitration services continue to be provided to the parties to disputes without interruption, stressing that all agreements concluded by resorting to arbitration in the canceled arbitration centers are valid and enforceable, and the Dubai International Arbitration Center replaces those centers in considering and adjudicating disputes arising from those agreements, unless The parties agree otherwise.

Suggestion

In order to ensure the continuity of the arbitration proceedings referred to the International Arbitration Center in the DIFC, which is administered by the DIFC Arbitration Institution under a joint venture with the London Court of International Arbitration, a proposal has been made for the London Court of International Arbitration to directly administer all arbitration proceedings Ongoing mediation and other dispute resolution procedures through alternative solutions referred to the International Arbitration Center in the Dubai International Financial Centre.

Under this proposal, the Registrar and Secretary of the International Arbitration Center at the Dubai International Financial Center will manage all ongoing proceedings for and on behalf of the London Court of International Arbitration, commissioned by the Dubai International Arbitration Center until the completion of these proceedings.

The services will continue to be provided without any change or interruption to the parties to disputes and arbitration in relation to the procedures referred to the International Arbitration Center in the DIFC.

procedures

As of the date of issuance of the decree, the contracting parties shall not include any arbitration agreements to settle disputes in accordance with the rules of the International Arbitration Center in the Dubai International Financial Center or authorize the center to manage it or designate it as an appointing authority in arbitration, mediation or other dispute resolution procedures using alternative solutions, in accordance with certain laws or other procedures.

The Dubai International Arbitration Center will manage all arbitration, mediation and other dispute resolution procedures.

status

The Governor of the Dubai International Financial Center, Issa Kazim, said, “The decision to unify the efforts of the arbitration centers comes to contribute to a remarkable role in consolidating Dubai’s position as a global center for dispute resolution, and the Dubai International Financial Center affirms its full support for this step, which would enhance the center’s position as a preferred option for dispute settlement in accordance with To the highest international practices, and to serve the financial and business community in the emirate.”

perfect timing

The former Chairman of the Board of Trustees of the Dubai International Financial Center Arbitration Institution, Issam Al-Tamimi, said that in light of the new arbitration law in the country, and the role that Dubai is currently playing in the regional and global trade scene, the unification of the emirate’s efforts to establish a global arbitration center with wide fame and reputation comes as a A logical and well-timed move.

• The merger step enhances Dubai's competitiveness with arbitration centers in the world.

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