His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved a decree establishing the Dubai International Arbitration Centre’s (DIAC) Board of Directors, to make Dubai a leading global centre for alternative dispute resolution.
The Board will be chaired by Dr. Tarik Humaid Al Tayer, and Dr. Ahmed Saeed Al Suwaidi will serve as Vice Chairman, according to the Decree. Other members of the Board include Mr. Ahmed Saeed Belyouha, Mr. Ahmed Mohammed Al Rasheed, Ms. Jehad Abdulrazzaq Kazim, Mr. Abdulaziz Mohammed Al Marri, and Mr. Graham Kenneth Lovett.
HH Sheikh Mohammed instructed the newly created Board to make the Centre one of the top five arbitration centres in the world within the next three years, while also ensuring the greatest levels of efficiency and transparency.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, commented that the Decree will contribute to further improving 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. The Centre seeks to transform itself into a preferred centre for the resolution of disputes for businesses both locally and internationally,” he further added.
In September, HH Sheikh Mohammed merged the Emirates Maritime Arbitration Centre and the Dubai International Financial Centre Arbitration Institute, combining their operations and assets into DIAC, an autonomous non-profit organization that provides arbitration services to regional and international businesses.
DIAC’s main goals are to establish Dubai as a prominent global hub for alternative dispute resolution, promote alternative dispute resolution processes, and serve the financial and business communities of the emirate.
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 centres in the world by the International Arbitration Survey conducted jointly by law firm White & Case and Queen Mary University of London.
