Dubai, London arbitration centres implement Dubai govt decree terms
Agreement is applicable for all cases commenced and registered on or before March 20
The Dubai International Arbitration Centre (DIAC) and the London Court of International Arbitration (LCIA) have come to an agreement, according to the terms of a Government of Dubai decree, according to which LCIA will administer all existing DIFC-LCIA cases from London.
The agreement is applicable for all cases commenced and registered by the DIFC-LCIA under a designated case number on or before March 20, 2022.
The two arbitration bodies have also agreed to a mechanism for the orderly management of funds paid by parties into bank accounts previously held on behalf of DIFC-LCIA and now owned by DIAC. The DIAC will transfer the payments to the LCIA, which will disburse it to the respective beneficiaries directly.
All arbitrations, mediations and other alternative dispute resolution proceedings referring to the respective rules of the DIFC-LCIA commenced on or after March 21, 2022 (or commenced before March 21, 2022 but not registered by the DIFC-LCIA under a designated case number) shall be registered by DIAC and administered directly by its administrative body.