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To promote the enforcement of Awards
- To facilitate the implementation of arbitrators' provisions
Dubai, UAE: Dubai International Arbitration Centre (DIAC), a Dubai Chamber of Commerce and Industry (DCCI) initiative, announced that it has obtained preliminary approval to open an office in the Dubai International Financial Centre (DIFC), a move that will permit arbitration parties to resort to the DIFC Courts to enforce their awards.
H.E. Hamad Buamim, Director General of Dubai Chamber, said, "the office will provide additional dimension to the centre by emphasizing the importance of commercial arbitration in settling commercial disputes, and highlighting the positive role it plays in strengthening the legal business environment in the emirate of Dubai and the region." He stressed that the launch of the promotional office is in line with the government's strategic guidance to pre-emptively support clients to increase happiness.
Dr. Habib Al Mulla, Chairman of the Board of Trustees of DIAC, pointed out that as part of its development plans, the DIAC has decided to establish an office in the DIFC thus providing parties to arbitration disputes with an alternative option of courts that they can resort to in order to obtain recognition and enforcement of their awards.
Dr. Al Mulla said that arbitration is about choice, and that the presence of the DIAC in the DIFC office will give arbitration parties the choice of resorting either to the DIFC courts or to the Dubai Courts if they so wish to enforce their awards.
"The new office will benefit from the many companies operating in DIFC. Our new office's presence will contribute to enhancing those companies' awareness about our services and how they can use our services to develop and support their activities," added Dr. Al Mulla.
Dr. Al Mulla emphasised how DIAC's team of highly-qualified arbitrators provide value-added services, thus establishing it as the go-to centre for settling trade disputes in the region and globally.
The "Centre for Commercial Conciliation and Arbitration" was founded in 1994 and is now called the "Dubai International Arbitration Centre." It is a permanent, independent, non-profit organisation which aims to provide arbitration services and the settlement of trade disputes in local, regional and international business communities at reasonable prices. The centre provides the latest facilities to ensure the quality of services rendered by arbitration and resolve disputes between commercial parties with the help of a team of international arbitrators who are familiar with international assets and approved arbitration procedures.
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Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
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© Press Release 2016
