Dubai International Arbitration Centre (DIAC), the region's largest alternative dispute resolution (ADR) institution, reported a year of substantial growth and global expansion in its 2023 annual report.
Reviewed by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, the report underscored a 4.4% increase in cases, with 355 new disputes and total claims exceeding AED 5.5 billion.
Sheikh Maktoum emphasized that DIAC’s performance strengthens Dubai’s position as a top-five global arbitration hub, aligning with the Dubai Economic Agenda (D33) goal of doubling the economy.
“DIAC exemplifies efficient, high-quality services that meet the evolving needs of the arbitration and business communities,”
he said.
Dr. Tariq Humaid Al Tayer, Chairman of DIAC, attributed the Centre’s success to its dedicated team and focus on innovation. In 2023, DIAC also expanded its global reach, with parties from 49 countries opting for its services, and it was the only UAE institution to join the Global Arbitration Review’s prestigious white list.
As DIAC marks its 30th anniversary in 2024, the Centre remains committed to fostering investor confidence through transparent, efficient dispute resolution, further bolstering Dubai’s reputation as a global business hub.
News Source: Emirates News Agency
