Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has this week enacted the new arbitration law of the Dubai International Financial Centre (DIFC).
The new law will enable the recently established DIFC-LCIA Arbitration Centre to provide neutral, efficient and reliable dispute resolution services to companies throughout the world. The enactment of the law will, according to the DIFC, help position it as a world-class centre for arbitration.
The arbitration law covers all stages of the arbitral process, from the arbitration agreement to the recognition and enforcement of arbitral awards.
Universally applicable and compatible with both civil and common law systems, the new law offers the international business community, international lawyers and arbitrators a comprehensive and modern set of rules and procedures to enable effective settlement of arbitration cases.
Dr. Omar Bin Sulaiman, Governor of DIFC commented:
"With the introduction of the arbitration law, DIFC now offers a legislative platform for comprehensive dispute resolution. After a positive period of consultation, we are confident that the new arbitration law, in conjunction with the newly formed DIFC-LCIA Arbitration Centre, will ensure that local, regional and global companies have an expeditious, cost effective alternative to expensive, laborious dispute settlements done traditionally through the courts," he explained, going on to add:
"By offering arbitration to companies throughout the world, the DIFC is reaffirming its commitment to creating a legal and regulatory environment of the highest standard that surpasses the requirements of leading financial institutions."
The enactment of the law is the culmination of an extensive process in which it was drafted by an industry focus group, led by the DIFC Authority, consisting of companies operating in DIFC.
This was followed by a period of consultation during which the public was invited to comment on the law.
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