Arbitration is a way of settling a dispute without having to go to court. You are called the claimant and the party you’re taking action against is the respondent. You both put your case to an independent person called an arbitrator.
The newly formed board of trustees of the Dubai International Arbitration Centre held its first meeting earlier today at Dubai Chamber of Commerce Industry’s head office where it discussed new plans and efforts to boost Dubai’s position as a global centre for commercial arbitration.
The meeting comes after H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, issued a decree related to DIAC, an initiative of Dubai Chamber, which established the centre’s new board of trustees.
The meeting was chaired by Dr. Ahmed Hassan Mohammed bin Al Sheikh, Chairman of the Board of Trustees, and attended by Dr. Ahmed Saeed bin Hezeem Al Suwaidi, the board’s Deputy Chairman; and board members Saeed Mohammed Al Shared Al Falassi; Ahmed Saeed Majed Belyouha; Ahmed Mohammed Ali Al Rashid; Jehad Kazim; Dr. Hassan Mohammed Arab Darwish; Abdulaziz Mohammed bin Shafaar Al Marri; Graham Kenneth Loufit; and Robin Joy Abraham.
During the meeting, board members thanked H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, for his trust and confidence in the new board which has been tasked with enhancing Dubai’s reputation as a preferred destination to settle commercial disputes.
Dr. Ahmed bin Al Sheikh pointed out that the new board offers a wealth of legal and business expertise which will enhance its ability to meet the evolving demands of Dubai’s maturing business community, and stressed the important role of commercial arbitration in advancing the emirate’s global appeal as an attractive place to do business.
He added that the board is in the process of developing new plans and strategies in line with Dubai’s ambitious vision and sustainable development goals, adding that its efforts would help boost investor confidence in the market.
For his part, H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, described DIAC as the leading commercial arbitration centre in the Middle East and North Africa, offering a high calibre of arbitration services and facilities applying best international practices in settling commercial disputes.
H.E. Al Ghurair, expressed his confidence in the board of trustees’ ability to achieve its objectives, raise arbitration standards and improving ease of doing business in Dubai.
The DIAC, the largest arbitration centre in the Middle East, provides local and international business communities with commercial arbitration services.
DIAC was initially established by the Dubai Chamber of Commerce and Industry in 1994 as the Centre for Commercial Conciliation and Arbitration.