H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance, reviewed the results of Dubai International Arbitration Centre’s 2022 Annual Report.
The Centre, the largest alternative dispute resolution centre in the Middle East, has reached a significant milestone in its transformative journey under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. The report highlights the Centre's growth in total cases, which has reinforced its leadership in the field of dispute resolution.
Sheikh Maktoum stated,
“The remarkable achievements recorded by the Dubai International Arbitration Centre in 2022 embody the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum in consolidating Dubai's position as a leading global centre for resolving disputes through alternate means. The Centre's outstanding results boost its efforts to strengthen its status as one of the top five global alternate dispute resolution centres over the next four years, supporting the goals of the Dubai Economic Agenda D33."
His Highness further emphasised that the Centre's expanding business and its competence in handling various cases reinforce Dubai's status as a preferred destination for international companies and investors worldwide. This growth also indicates the business community’s increased recognition of the importance of arbitration and alternative dispute resolution methods among the business community.
Dr. Tariq Humaid Al Tayer, Chairman of the Centre's Board of Directors, said,
“We are delighted to issue our annual report for the year 2022, which highlights the Centre's achievements and successful endeavours to become a global leader in the field of arbitration. Our most notable accomplishments of the past year include the development and implementation of a forward-looking strategy to enhance capabilities, embrace diversity, and leverage advanced technologies for the advancement of the Centre and the arbitration environment in general."
Dr. Al Tayer also affirmed the Centre's commitment to staying abreast of the latest developments and trends in the field of alternative dispute resolution.
In the past year, the Centre recorded 340 new cases, reflecting a 23 percent increase over the number of cases registered in 2021. The total value of these cases amounted to AED11.2 billion (equivalent to approximately US$3.1 billion). This reflects the Centre's capabilities and international reach, as it handles a wide range of cases from around the world. The report also revealed that 44 percent of these cases involved international disputes, showcasing the Centre's status in the field of international arbitration. The administered cases encompassed various sectors, with the construction sector accounting for 49 percent, followed by the commercial sector at 27 percent and the real estate sector at 16 percent. Notably, these cases involved individuals representing 48 countries from all continents.
New arbitration rules
The first annual report of the Dubai International Arbitration Centre highlighted the launch of its new arbitration rules in 2022, aimed at modernising procedures and aligning with international best practices. These rules mark a significant step forward in enhancing and improving the effectiveness of arbitration procedures provided by the Centre to its users within the country, the region, and across the world. Moreover, these rules contribute to solidifying Dubai's position as an international centre for alternative dispute resolution. The report highlighted the Centre's ongoing commitment to engage stakeholders, foster innovation and excellence, and establish strategic partnerships while investing in the latest technologies. The Centre's key initiatives for the future include the development of its services, the introduction of an electronic case management system, the development of a high-performance workforce, and the exploration of advanced technologies such as artificial intelligence and virtual reality.
Furthermore, the report emphasised the Centre's dedication to upholding sustainability, inclusiveness, and diversity principles in its operations. It also underlined the Centre's commitment to fairness, transparency and efficiency, along with its endorsement of two pledges of allegiance that reflect adherence to these principles. In addition, the Centre sponsored an event focused on diversity and inclusion.
News Source: Emirates News Agency
