The proposed law, which contains a significant number of enhancements, is designed to accommodate and facilitate the set-up of the DIFC's Arbitration Centre.

The proposed changes, drafted in consultation with internationally renowned arbitration practitioners, are aimed at making the arbitration law practical and comprehensible to all arbitration practitioners.

The proposed arbitration framework, in accordance with international arbitration practices, will make the system simpler, more manageable, and therefore more attractive to the international community.

Dr Omar Bin Sulaiman, Governor of the DIFC commented: "As the DIFC continues to be a catalyst for regional economic growth, development and diversification, we are committed to improving and expanding the products and services available in the region. The proposed Arbitration Law will ensure that companies in the region will have an expeditious, cost effective alternative to expensive, time-consuming dispute settlements through the courts."

One of the main changes to the newly drafted DIFC arbitration law is the adoption of the UNCITRAL Model Law, with amendments aimed at improving its provisions. Another important change is specifically set to widen the scope of arbitrations which the law governs, to include all types of arbitrations and parties opting to arbitrate at DIFC.

According to the DIFC, in drafting the new law, all aspects of legislation necessary to accommodate the unique set-up of the DIFC jurisdiction and legal framework were taken into consideration, as well as the importance of overcoming hurdles presented by the region's unique market conditions and dynamics.

The proposed DIFC Arbitration Law was posted on the DIFC website on 17 February, launching a 30-day public consultation on the legislation.