DIAC and LCIA Joint Press Release

 DIAC and LCIA Joint Press Release

The Dubai International Arbitration Centre (DIAC) and the London Court of International Arbitration (LCIA) are pleased to announce that they have agreed terms consistent with Decree No. (34) of 2021 of the Government of Dubai by which the LCIA will administer all existing DIFC-LCIA cases (i.e. those commenced and registered by the DIFC-LCIA under a designated case number on or before 20 March 2022) from London. The DIAC and the LCIA have agreed a mechanism for the orderly management of funds paid by parties into bank accounts previously held on behalf of DIFC-LCIA and now owned by DIAC, pursuant to which the DIAC shall transfer such casework related payments to the LCIA to be disbursed to the respective beneficiaries by the LCIA directly. The LCIA will communicate with parties and tribunals as soon as practicable. All enquiries regarding cases commenced and formally registered on or before 20 March 2022 should be emailed to: DIFC-LCIAcasework@lcia.org

All arbitrations, mediations and other alternative dispute resolution proceedings referring to the respective rules of the DIFC-LCIA, including ad hoc proceedings where the DIFC-LCIA is requested to act as appointing authority or administrator, commenced on or after 21 March 2022 (or commenced before 21 March 2022 but not registered by the DIFC-LCIA under a designated case number) shall be registered by DIAC and administered directly by its administrative body in accordance with the respective rules of procedure of DIAC, including the tables of fees and costs in force from time to time, through DIAC’s own case management systems, unless otherwise agreed by the parties. Payments made by the parties to arbitration in respect of the arbitration costs of cases to be commenced on or after 21 March 2022 shall be paid into accounts owned by DIAC. All enquiries regarding cases commenced on or after 21 March 2022 should be addressed to: ArbitrationCentre@DIAC.ae

Note to the press:

DIAC 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.

For more information, Please contact Ms Ritta Saoud

Dubai International Arbitration Centre (DIAC)

 on 04-2028270 or mobile 055-6038123

e-mail: ritta.saoud@diac.ae

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