Maktoum bin Mohammed Boosts Dubai's Arbitration Leadership
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, as well as the Chairman of the Dubai Judicial Council, recently convened a meeting with senior officials of the Dubai International Arbitration Centre (DIAC). This meeting, held at the Dubai International Financial Centre (DIFC), underlines Dubai's commitment to bolstering its position as a global arbitration hub.
During the meeting, His Highness engaged in discussions with key figures from DIAC, including His Excellency Dr. Tariq Humaid Al Tayer, Chairman of the Board of Directors of DIAC; Dr. Michael Pryles, President of the DIAC Arbitration Court; and Erin Miller Rankin, Vice-President of the DIAC Arbitration Court. Also present were His Excellency Abullah Al Basti, Secretary General of The Executive Council of Dubai, and Saif Ghanim Al Suwaidi, Secretary General of the Dubai Judicial Council.
The focal point of the discussions revolved around strategic initiatives aimed at fortifying Dubai's status as a preeminent global arbitration center. The emphasis was on enhancing frameworks for alternative dispute resolution to align with the ambitious goals outlined in the Dubai Economic Agenda D33, seeking to elevate the city's standing among the world's top three urban economies.
His Highness Sheikh Maktoum, acknowledging the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, underscored Dubai's substantial investments in creating world-class infrastructure and establishing itself as a hub for international business and finance. He praised the city's progressive legal frameworks and judicial institutions, highlighting the pivotal role played by DIAC in shaping Dubai's future as a global hub for dispute resolution.
HH Sheikh Maktoum lauded DIAC for its contributions to the development and global profile of Dubai's dispute resolution offerings. Recognizing Dubai's rapid evolution into a global arbitration hub, he emphasized the city's commitment to providing a productive platform for international businesses to thrive.
Dr. Tariq Humaid Al Tayer, expressing gratitude for the leadership's support, pledged to uphold the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. He affirmed DIAC's commitment to intensifying efforts, further solidifying Dubai's status as a global arbitration powerhouse. The meeting highlighted the collaborative approach between government entities and key institutions to foster innovation and excellence in the judicial system.
Dubai's ascent as a preferred seat for international arbitration was acknowledged, with businesses increasingly choosing it over traditional hubs such as Paris, London, and Geneva for dispute resolution. DIAC, initially established in 1994 as the Dubai Chamber of Commerce & Industry’s Commercial Conciliation and Arbitration Centre, has played a pivotal role in this success story. Evolving into an independent entity in 2021, DIAC operates as a non-profit organization, allowing parties from diverse nationalities and jurisdictions to settle commercial disputes outside judicial courts.
Since its inception, DIAC has successfully resolved nearly 5,000 cases, with an aggregate value of around AED 70 billion ($19.1 billion). In 2022 alone, the center recorded 340 new cases, marking a 23% increase from the previous year. The total value of cases registered in 2022 amounted to AED 11.2 billion ($3.1 billion). These statistics underscore DIAC's significance in facilitating effective dispute resolution and contributing to Dubai's growing prominence in the international legal landscape.
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By- Sahiba Suri
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