Ajman University's law students visit Dubai International Arbitration Centre (DIAC)
Dubai, UAE: The Dubai International Arbitration Centre (DIAC), a Dubai Chamber of Commerce and Industry initiative, received a 40-member student delegation from the Ajman University Law faculty recently to familiarise them with the functioning of the Centre.
During their visit, the students were briefed about the latest developments in resolving commercial disputes, appointing arbitrators, fixing the place of arbitration and arbitrators' fees. They were also apprised about the vital role played by the Centre in raising awareness about the importance of commercial arbitration in today's business environment.
Dr Hadif Al Owais, DIAC Acting Director and Vice-Chairman, DIAC Executive Committee, who welcomed the delegation, highlighted the importance of commercial arbitration and neutrality, notably transparency and fairness in arbitration which he said leads to a healthy business environment as arbitration reduces the cost and speeds up the settlement of disputes.
Dr Al Owais further stressed that the motive behind hosting the visit is to raise awareness about arbitration while transferring the Center's vision to the next generation. This visit will go a long way in preparing them to take up arbitration as a full-time profession after the completion of their law degrees, he said.
The Acting Director of DIAC informed the visitors about the Centre's rules and services that he said are on par with the ones provided by leading arbitration centres in the world. He also enlightened the visiting students with the arbitration services offered by the Centre to local, regional and international commercial circles.
On their part, the students found the visit very informative as they said they now have a clearer understanding about the functioning of the Centre, which seeks to provide a flexible and impartial mechanism in resolving and settling international disputes at competitive prices. They welcomed the Centre's role in creating a sound legal environment while contributing to the economic growth of the country.
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Established in 1965, the Dubai Chamber of Commerce and 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 favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub
Created in 1994 as the "Centre for Commercial Conciliation and Arbitration", the Dubai International Arbitration Centre is an autonomous, non-profit institution. As a professional specialist, the DIAC, with its team of international arbitrators, seeks to provide a flexible and impartial mechanism in resolving and settling international disputes locally, regionally and internationally at competitive prices. It oversees the procedures of arbitration in commercial disputes, appointment of arbitrators, fixing the place of arbitration and the arbitrators' fees.
© Press Release 2011
