His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and Chairman of the Dubai Judicial Council, today met with senior officials of the Dubai International Arbitration Centre (DIAC), the region’s leading institution for alternative dispute resolution services.
At the meeting which took place at the Dubai International Financial Centre (DIFC), His Highness engaged in discussions with His Excellency Dr. Tariq Humaid Al Tayer, Chairman of the Board of Directors of the Dubai International Arbitration Centre (DIAC); Dr. Michael Pryles, President of the DIAC Arbitration Court; and Erin Miller Rankin, Vice-President of the DIAC Arbitration Court.
Also present at the meeting were His Excellency Abullah Al Basti, Secretary General of The Executive Council of Dubai and Saif Ghanim Al Suwaidi, Secretary General of the Dubai Judicial Council.
The discussions focused on key strategies to further strengthen Dubai’s emergence as a leading global arbitration centre by enhancing frameworks for alternative dispute resolution, which can serve to further raise the city’s status as one of the world’s top three urban economies in line with the goal of the Dubai Economic Agenda D33.
His Highness said: “Guided by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the city has not only invested substantially in creating a world-class infrastructure, establishing itself as a hub for international business and finance, but has also developed progressive legal frameworks and judicial institutions, incorporating the highest international best practices. The Dubai International Arbitration Centre is a testament to this visionary strategy. Dubai is rapidly evolving into the pre-eminent global hub for arbitration and is playing a vital role in shaping the future of dispute resolution internationally. By continually evolving its soft infrastructure, Dubai seeks to provide the most productive platform for international businesses to grow and thrive.”
HH Sheikh Maktoum acknowledged DIAC’s crucial role in enhancing Dubai’s global reputation as a premier centre for arbitration. He praised the Centre for its substantial contributions to the development and rising global profile of Dubai’s dispute resolution offerings.
His Excellency Dr. Tariq Humaid Al Tayer pledged to uphold the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and expressed his gratitude to HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum for the support extended by the leadership to foster innovation and excellence in the judicial system and dispute resolution. He affirmed DIAC’s commitment to intensifying efforts to raise Dubai’s status as a pre-eminent global arbitration hub.
Dubai is one of the top five seats for international arbitration, according to a recent survey. International businesses are increasingly choosing it over traditional hubs like Paris, London and Geneva for alternate dispute resolution.
DIAC was established in 1994 as the Dubai Chamber of Commerce & Industry’s Commercial Conciliation and Arbitration Centre. A decade later, it evolved into the Dubai International Arbitration Centre (DIAC), following a decree issued in 2004. Another decree issued in 2021 turned DIAC into an independent entity.
As a non-profit organisation, DIAC allows parties from all nationalities and jurisdictions to settle commercial disputes outside judicial courts. Since its inception, DIAC has resolved nearly 5,000 cases. The aggregate value of cases registered in DIAC has reached around AED70 billion, equivalent to $19.1 billion. In 2022 alone, DIAC recorded 340 new cases, an increase of 23% from 2021. The total value of cases registered by the Centre last year amounted to AED11.2 billion, equivalent to $3.1 billion.
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