In his capacity as the\nRuler of Dubai, Vice President and Prime Minister of the UAE His Highness\nSheikh Mohammed bin Rashid Al Maktoum has issued Decree No. (34) of 2021 on the\nDubai International Arbitration Centre (DIAC).<\/p>\n\n\n\n
The Decree dissolves\nthe Emirates Maritime Arbitration Centre and the Dubai International Financial\nCentre Arbitration Institute and merges their operations and assets into the\nDubai International Arbitration Centre (DIAC), an autonomous non-profit\ninstitution that provides regional and international business communities with\nworld-class arbitration services.<\/p>\n\n\n\n
The new Decree\nsupports Dubai\u2019s efforts to enhance the efficiency of its alternative dispute\nresolution sector and reinforce its growing status as a global arbitration hub.\nPursuant to the Decree, the ownership of real estate, assets, funds, staff,\nfinancial allocations and membership base of the two dissolved arbitration\ncentres will be transferred to the Dubai International Arbitration Centre.\nDubai Courts and DIFC Courts will continue to hear claims, applications and appeals\nrelated to any arbitration proceedings conducted in tribunals of the dissolved\narbitration centres.<\/p>\n\n\n\n
Decree No. (34) of\n2021 replaces Decree No. (10) of 2004 relating to the establishment of the\nDubai International Arbitration Centre and annuls any legislation that\ncontradicts the provisions of the new Decree. The Centre has been directed to\ncomply with the new Decree within six months of its effective date.<\/p>\n\n\n\n
The newly issued\nDecree also outlines the Dubai International Arbitration Centre\u2019s objectives,\nfunctions and organisational structure at three levels: the Board of Directors,\nan arbitration court to be formed in accordance with the new merged structure,\nand the administrative unit of the Centre.<\/p>\n\n\n\n
According to the\nDecree, the Dubai International Arbitration Centre\u2019s major objectives include\nestablishing Dubai as a leading global centre for alternative dispute\nresolution, promoting alternative dispute resolution mechanisms and serving the\nemirate’s financial and business community.<\/p>\n\n\n\n
Further to the Decree,\nthe Dubai International Arbitration Centre will establish a new arbitration\ncourt consisting of 13 members, including its President and Vice President. The\nnew court\u2019s members, who will have locally and internationally accredited\narbitration expertise, will be appointed by decisions of the Centre’s Board of\nDirectors for a non-renewable term of four years.<\/p>\n\n\n\n
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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 Decree No. (34) of 2021 on the Dubai International Arbitration Centre (DIAC). The Decree dissolves the Emirates Maritime Arbitration Centre and the Dubai International Financial Centre Arbitration Institute and …<\/p>\n","protected":false},"author":2,"featured_media":37534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-37533","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/37533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=37533"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/37533\/revisions"}],"predecessor-version":[{"id":37535,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/37533\/revisions\/37535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/37534"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=37533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=37533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=37533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}