DIAC to settle disputes more efficiently

DIAC to settle disputes more efficiently

By Wam

Published: Sun 28 Apr 2019, 9:17 PM

Last updated: Sun 28 Apr 2019, 11:39 PM

The Dubai International Arbitration Centre (DIAC) will be providing local, regional and international arbitration through an advanced and integrated institutional framework to ensure highest standards of governance, justice and integrity.
In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, issued Decree No. (17) of 2019 replacing the Statute Rules of the DIAC approved pursuant to Decree No. (58) of 2009.
As per new Statute, the functions of the DIAC included providing local, regional and international arbitration through an advanced and integrated institutional framework. It will promote arbitration as an efficient way to settle business and commercial disputes, providing a legal framework to support growth in the private sector.
The centre also promotes and develops cooperation with other arbitration centres and relevant local, regional and international institutions.
According to the Statute, DIAC's organisational structure consists of the Board of Trustees, the executive committee and the administrative body.
The Board of Trustees is responsible for setting up and supervising the implementation of the general policy and strategies of the centre. It will propose amendments to the Statute and the arbitration rules in cooperation with Dubai Chamber and presenting them to the Ruler for approval and promulgation through a decree. - Wam
 




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