Annual DIAC Conference examines impact of UAE Arbitration Law
Dubai International Arbitration Centre (DIAC) recently held its annual conference in Dubai examining key aspects of the new UAE Arbitration Law and their impact on the DIAC Arbitration Rules, which apply to all disputes referred to DIAC arbitration.
The conference, organised as part of Dubai Arbitration Week, attracted 200 participants, including legal experts, judges, businessmen and academics. Presentations and sessions familiarised attendees with the standards and procedures for dispute resolution under the existing DIAC Arbitration Rules in light of the new UAE Arbitration Law.
During the conference, it was announced that the expected new DIAC Arbitration Rules, aligned with internationals standards, will cover important matters of interest the international legal community. Panel discussions during the conference outlined the key benefits and improvements introduced under the UAE Arbitration Law of 2018, including a more secure framework for arbitration in the UAE and establishing it as a more arbitration-friendly jurisdiction.
Dr. Ahmad Bin AlShaikh, chairman of the DIAC Board of Trustees, shed light on the newly-formed board's strategies and plans aimed at boosting Dubai's position as a global centre for commercial arbitration. The chairman also emphasised the purpose of the annual conference as an ideal platform to inform arbitrators, legal practitioners and the business community in Dubai about important arbitration-related matters and best practices in resolving disputes through arbitration and conciliation. For his part, Dr. Ahmad Bin Hezeem, vice chairman of the DIAC Board of Trustees and chairman of the DIAC Executive Committee, gave an overview of DIAC's history and its activities. He also revealed that more than 2,500 cases have already been administered by DIAC since 2007, with an average value of disputes settled per year totalling to Dh5.6 billion since 2010 until present.
Dr. Bin Hezeem highlighted the centre's experience in managing complex disputes relating to different sectors, including real estate, engineering and construction, corporate and commercial, and oil and gas.
Dubai International Arbitration Centre, being the largest arbitration centre in the Middle East, provides local and international business communities with arbitration and conciliation services. DIAC was initially established by the Dubai Chamber of Commerce and Industry in 1994 as the Centre for Commercial Conciliation and Arbitration.