Unified Arbitration Centre to offer businesses international arbitration services

10x Industry

Mita Srinivasan
10x Industry
Published:

Unified Arbitration Centre to offer businesses international arbitration services

The consolidation of DIFC Arbitration Institute and Emirates Maritime Arbitration Centre will enhance Dubai’s capabilities to compete on the international stage with other global arbitration centres

Dubai International Financial Centre (DIFC) has combined the DIFC Arbitration Institute (DAI) with the Emirates Maritime Arbitration Centre (EMAC) creating a unified entity called the Dubai International Arbitration Centre (DIAC), an autonomous, permanent, non-profit institution that will provides regional and international business communities with arbitration services. Current arbitration services will continue without interruption for users. All agreements entered into by DAI and EMAC will be valid and effective with DIAC.

The consolidation of DAI and EMAC will enhance Dubai’s capabilities to compete on the international stage with other global arbitration centres. The objectives of DIAC include strengthening the position of Dubai as a reliable global centre for settlement of disputes by way of alternative dispute resolution. Additionally, it will ensure that DIAC is one of the best choices globally for resolving disputes efficiently and effectively by applying international best practice.

The announcement follows the issuance of Decree 34 of 2021 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai. The Decree provides the new DIAC with a new statute that introduces a new organisational structure into the unified body in the form of a Board of Directors, Court of Arbitration and an Administrative Body. Clear and comprehensive principles and requirements for DIAC have been set out in the decree that align with international best practice.

Commenting on the merger, H.E. Essa Kazim, Governor of DIFC, said: “The decision to unify the efforts of the arbitration centres will greatly contribute to consolidating Dubai's position as a global hub for resolving disputes. DIFC is fully supportive of the approach which enhances the position of the Centre as a preferred option for resolving disputes efficiently and effectively by following international best practices, in a manner that serves the financial and business community.”