Dubai - MENA Herald: The Dubai International Arbitration Centre (DIAC), an initiative of Dubai Chamber of Commerce and Industry, announced its action plan and key provisions for the coming months during the first meeting of its Board of Trustees for 2016 and the second within the current session of the Centre.
The Board of Trustees discussed the launch of an Islamic Arbitration window to meet the demand of growing Islamic economy users and to promote Dubai Government's initiative of making Dubai the global capital of Islamic economy.
The Board of Trustees discussed also the details of the Dubai Arbitration Award, which is a first of its kind in the region and an ideal platform to honour outstanding performers in the field of Arbitration, and will go a long way in enhancing Dubai's position as a leading regional and global destination for commercial arbitration.
They also reviewed key provisions to be inserted and amended in the new DIAC Rules 2016 based on the views of experts and specialists with years of expertise and experience in the field, while the Board of Trustees also discussed the adoption of Shariah Compliant Arbitration Rules in line with H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai’s initiative to make Dubai the global capital of Islamic economy.
In order to enhance the efficiency and transparency of the approved arbitration proceedings in DIAC, the Trustees proposed measures to accelerate administrative procedures associated with arbitration cases as they also agreed on a series of steps to enhance the Centre’s status as a quick and effective tool for resolving trade disputes.
The Trustees were briefed with the highlights of the Centre’s activities over the past year, and most importantly the launch of the DIAC 40 – Young Practitioners Group aimed at helping young arbitration practitioners in the Middle East.
The meeting, which was chaired by Dr. Habib Al Mulla, Chairman of the Board of Trustees, was attended by a large number of its members including Dalmook Mohammed Dalmook, Hussein Ali Jaziri, Abdul Moneim Salem bin Suwaidan, Dr. Karim Hafez, Dr. Fathi Kemicha, Dr. Tarek F. Riad, Dr. Antonio R. Parra, Prof. Philippe Leboulanger, Philip Capper, Jeppe Skadhauge, Erick Schafer and Filip De Ly.
In his opening remarks, Dr. Habib Al Mulla, Chairman, Board of Trustees, DIAC, said that the Centre has kept pace with Dubai’s unprecedented growth at all levels, adding that evolution is an essential part of the process of growth and the Dubai International Arbitration Centre’s initiatives discussed at the Board of Trustees meeting today constitute a qualitative step in developing the Centre's services while enhancing its reputation as one of the most important global commercial arbitration centres in the world.
Dr. Al Mulla further stressed that the Centre’s Board of Trustees are drawn from different nationalities and legal backgrounds therefore their presence as members of the Board of Trustees reflects the keenness of the Centre to be ranked amongst the best, and provide value-added services while establishing its reputation as an effective destination for the settlement of trade disputes.
On his part, Dr. Tarek Riad, Chairman of the DIAC Executive Committee, said that the Centre's achievements reflect the increasing awareness of the business community on the importance of alternative means of settling disputes, especially commercial arbitration, which is quicker, more effective and cheaper alternative to pursuing claims through courts. DIAC is committed to strengthen the emirate’s business environment by settling commercial disputes efficiently and smoothly, he added.
Created in 1994 as the "Centre for Commercial Conciliation and Arbitration", the Dubai International Arbitration Centre is an autonomous, permanent, non-profit institution that provides the regional and international business communities a high calibre of arbitration services and facilities at an affordable price.
Through DIAC’s associate membership, members could enhance their knowledge and experience international commercial arbitration by participating in seminars, training workshops and international conferences. The services offered include the overseeing of arbitral proceedings and commercial disputes, appointing arbitrators, choosing the venue for the arbitration and fixing the fees of arbitrators and mediators.