DIAC NOW REGISTERS ARBITRATION CASES REFERRING TO THE RULES OF ARBITRATION CENTRES ABOLISHED BY DECREE 34
Such referrals are accepted from 21 March 2022 and shall be administered under the new DIAC Arbitration Rules
The Dubai International Arbitration Centre (DIAC), the leading arbitration Centre in the Middle East, has confirmed that, in compliance with Decree No. 34 of 2021 of the Government of Dubai concerning the DIAC (Decree 34), as of 21 March 2022 disputing parties wishing to commence arbitration proceedings for disputes with underlying arbitration agreements, which refer to the Rules of Arbitration of the Centres abolished by Decree 34, should approach DIAC directly.
Such proceedings will be administered under the new DIAC Arbitration Rules 2022, which have recently been approved by the DIAC’s Board of Directors and came into effect also on 21 March 2022.
The new development marks the end of the 6-months transitional period provided by Decree 34. Since the implementation of the decree, DIAC succeeded in complying with all the requirements set forth therein by taking all the necessary actions in preparation for its newly assumed duties. Most notably, DIAC issued its new Arbitration Rules, which will significantly enhance DIAC’s offering. In addition, in compliance with Decree 34 DIAC has opened its branch in the Dubai International Financial Centre (DIFC).
Established in 1994 under the name of the Conciliation and Arbitration Centre as an initiative of Dubai Chamber of Commerce and Industry; and in 2004 it was announced by decree no 10/2004 as the DIAC, an autonomous non-profit institution that provides regional and international businesses with arbitration services, is the largest arbitration Centre in the Middle East. DIAC’s major objectives include establishing Dubai as a leading global Centre for alternative dispute resolution, promoting ADR services and serving the international financial and business communities,