As part of its efforts to cement Dubai’s position as a global alternative dispute resolution hub, the Dubai International Arbitration Centre (DIAC) has finalised its new 2022 Arbitration Rules.
The new rules reflect the latest developments in international arbitration and the evolving needs of the business community. They aim to improve the efficiency of the arbitration procedures and ensure that the users benefit from a wide range of additions.
Dr. Tariq Humaid Al Tayer, Chairman of the DIAC Board of Directors, highlighted,
"Our priority in the coming years is to strengthen the DIAC’s position as a leading centre for settling disputes locally, regionally, and globally, by enhancing arbitration practices and standards, which will, in turn, improve the ease of doing business in Dubai.
"The changes to the rules are a major step forward in terms of reinforcing Dubai's position as a global centre for arbitration."
Dr. Ahmed bin Hazeem, Vice Chairman of the DIAC and President of the Court of Arbitration, stated,
"The task force took into account the demands of the arbitration community and that the new rules provide a framework for efficient dispute resolution. Aligned with the UAE Arbitration Law, the DIAC’s new Arbitration Rules reflect the digitalisation of the businesses in the post COVID-era."
Most notable additions to the new Rules are the provisions dealing with consolidation, joinder, expedited proceedings, alternative process for appointing arbitrators, and exceptional proceedings, such as emergency arbitrator and conciliation. The much-anticipated legal fees are now part of the arbitration costs and could be claimed by the parties.
The new rules will come into effect starting 21st March 2022, and will govern all new requests for arbitration and exceptional procedures submitted after this date.
In addition, the DIAC has announced the appointment of its Arbitration Court, established in accordance with the Statute of the DIAC, issued by Decree No. 34 of 2021 of the Government of Dubai. The Arbitration Court replaces the Executive Committee of the DIAC and assumes its duties of undertaking general supervision of the ADR services offered and supervising the management of all cases administered by the DIAC.
News Source: Emirates News Agency