The Dubai International Arbitration Centre (DIAC), an initiative of Dubai Chamber of Commerce and Industry (Dubai Chamber), inaugurated its first promotional representative office in the Dubai International Financial Centre (DIFC), allowing parties involved in to turn to either the DIFC Courts and the Dubai Courts in order to enforce their arbitration awards.
The opening ceremony was attended by H.E. Essa Kazim, Governor, Dubai International Financial Centre, and members of the Board of Trustees of DIAC.
"DIAC's new representative office in the DIFC provides arbitration parties with a nexus to the DIFC and thereby facilitates the enforcement of arbitral awards through the DIFC courts," said Dr. Habib Al Mulla, Chairman of the Board of Trustees of DIAC. "Accordingly, the parties will now have a choice as to whether to enforce their DIAC awards through the DIFC Courts or through the local Dubai Courts, depending on which forum best meets their needs. In addition, the parties will be able to look to the DIFC Courts for support during a DIAC arbitration, as well as after."
He added: "This reinforces the UAE Government’s commitment to providing a variety of efficient and specialist alternate dispute resolution mechanisms to resolve commercial disputes and support a healthy and prosperous business environment."
Highlighting the importance of DIAC in promoting arbitration as an effective and quick tool for settling commercial disputes, Prof. Dr Tarek Fouad Riad, Chairman of the DIAC Executive Committee, stated that DIAC has been instrumental in consolidating Dubai’s status in this field within the Middle East region and globally, thanks to its team of highly-qualified arbitrators who provide world-class and value-added services to their clients.
The opening of this office comes hot on the heels of the recent signing of a co-operation agreement between DIAC and the Dispute Resolution Authority (DRA) to pave way for faster enforcement of arbitral awards. The agreement was signed by Dr. Al Mulla and Dr. Michael Hwang, SC, Head of the DRA, in the presence of H.E. Hamad Buamim, President and CEO of Dubai Chamber.
DIAC is one of the world's leading centers for commercial arbitration and has, since its inception, been playing a positive role in strengthening the legal environment within Dubai while stimulating the Emirate’s and the region’s business environment.
Created in 1994 as the "Centre for Commercial Conciliation and Arbitration", DIAC is an autonomous, permanent, non-profit institution that provides regional and international business communities exceptional arbitration services and facilities at an affordable price.
DIAC provides the latest facilities to ensure the quality of services rendered by arbitration and resolve disputes between commercial parties with the help of a team of international arbitrators who are familiar with international assets and approved arbitration procedures.
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