Mohammed approves formation of Dubai International Arbitration Centre

Gulf Today, Staff Reporter

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved a decree on Sunday forming the Board of Directors of the Dubai International Arbitration Centre (DIAC), directing them to establish Dubai as a leading global centre for alternative dispute resolution as per the highest standards of efficiency and transparency.

Under the Decree, the Board will be chaired by Dr Tarik Humaid Al Tayer, and Dr Ahmed Saeed Al Suwaidi will be the Vice Chairman.

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Other members of the Board include Ahmed Saeed Belyouha, Ahmed Mohammed Al Rasheed, Jehad Abdulrazzaq Kazim, Abdulaziz Mohammed Al Marri, and Graham Kenneth Lovett.

Sheikh Mohammed directed the newly formed Board to develop the Centre into one of the world’s top five arbitration centres in the next three years, and ensure it maintains the highest standards of efficiency and transparency.

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said the Decree will contribute to further enhancing Dubai’s growth-friendly environment and competitiveness.

"Dubai is seeking to further improve its business and investment environment and raise its attractiveness as part of the effort to strengthen the city’s status as a global commercial hub and accelerate its economic momentum," he said.

"The Centre seeks to transform itself into a preferred centre for resolution of disputes for businesses both locally and internationally," he added.

Last month, Sheikh Mohammed issued a Decree dissolving the Emirates Maritime Arbitration Centre and the Dubai International Financial Centre Arbitration Institute and merged their operations and assets into DIAC, an autonomous non-profit institution that provides regional and international businesses with arbitration services.

DIAC’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.

Launched in 2004, DIAC is the largest arbitration centre in the Middle East. Since 2007, the Centre has handled 2,500 cases. The Centre was named as one of the top ten centers in the world by the International Arbitration Survey conducted jointly by law firm White & Case and Queen Mary University of London.