Media ININ Economy We Trust
28-04-2019 Media in\ Dubai
UAE Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued decree No. 17 of 2019 to adopt the Dubai International Arbitration Center (DIC) statute to replace the statutes adopted by Decree No. 58 of 2009.
The Dubai International Arbitration Center (DICC) aims at managing local, regional and international arbitration through an integrated and advanced institutional framework, and encourages arbitration to settle disputes in the fastest and least cost way to serve the business sector and provide the legal environment that supports business development through arbitration and conciliation.
In addition to enhancing arbitration procedures to comply with the requirements of governance, fairness and justice, and contributing to the dissemination of arbitration culture locally, regionally and internationally, and providing flexible and neutral mechanisms. Dispute disputes easily.
In order to achieve its objectives, the Center specializes in providing local and international commercial dispute resolution service through arbitration and conciliation, in accordance with the provisions of the Statute and the rules applied at the Center, or agreed upon by the parties to the dispute, as well as developing cooperation between the Center and other specialized arbitration institutions and centers Local, regional and international levels, in addition to raising awareness about the importance of arbitration and conciliation, organizing conferences, seminars, workshops and training courses, issuing specialized publications on arbitration and conciliation, Qualified conciliators who are bound by the requirements and procedures of arbitration or conciliation.
In accordance with the DIFC statute, the arbitration rules and procedures of the Center and any amendments thereto shall be governed by a decree issued by His Highness the Ruler of Dubai. The rules and procedures of conciliation in the Center and any amendments thereto shall be governed by regulations adopted by the Board of Trustees of the Center in consultation With the Board of Directors of the Dubai Chamber of Commerce and Industry.
The work procedures within the Center shall be organized in accordance with regulations issued by its Board of Trustees, in which the areas related to the functions and powers vested in the Center shall be regulated by the Statute. The Chamber’s administrative and financial regulations and human resources regulations shall apply to the Center and its staff.
The statute provides that the Dubai International Arbitration Center shall consist of organizational levels, including the Board of Trustees, the Executive Committee and the Administrative Body. The system shall specify the terms of reference of the Board of Trustees, including the adoption of the general policy and strategic plans of the Center, Arbitration, in consultation with the Board of Directors of the Dubai Chamber of Commerce and Industry, which is submitted to the competent authorities in the Emirate, for consideration in preparation for adoption and issuance by decree of His Highness the Ruler of Dubai.
