Dubai's status as global business hub reaffirmed

Dubai: The Dubai International Financial Centre (DIFC) in a joint venture with the London Court of International Arbitration (LCIA) on Sunday launched the DIFC-LCIA Arbitration Centre.

Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, inaugurated the new arbitration centre.

"The establishment of the DIFC-LCIA Arbitration Centre is part of a strategy to position Dubai as an international arbitration jurisdiction. This is a landmark step for Dubai, reaffirming its status as one of the world's leading business hubs and creating an efficient working environment for local and international companies to prosper," said Shaikh Maktoum.

The joint venture establishes a new centre for the administration of international arbitration and mediation. The DIFC-LCIA Arbitration Centre is located in the DIFC and will promote the effective resolution of international business disputes through arbitration and mediation worldwide.

The DIFC-LCIA Arbitration Centre's arbitration and mediation rules are a close adaptation of the LCIA rules, with minor changes to align them with the DIFC-LCIA Arbitration Centre's needs. "The DIFC-LCIA association will benefit from the reputation of the LCIA as one of the longest-established international institutions for commercial dispute resolution in the world, which will complement DIFC's reputation as a fast growing international financial centre," said Jan Paulsson, President of LCIA.

The rules are universally applicable and compatible with both civil and common law systems, offering the international business community, international lawyers and arbitrators a comprehensive and modern set of rules and procedures.

"The creation of the DIFC-LCIA Arbitration Centre achieves DIFC's aim to be the key source, and sole body, in providing unique and efficient arbitration services as an alternative way of dispute resolution," said DIFC governor Omar Bin Sulaiman.

The centre has access to the LCIA's unique database of arbitrators with a wide range of professional qualifications and expertise, enabling it to appoint tribunals. Through the introduction of the DIFC Arbitration Law 2008, the DIFC will offer a legislative platform for comprehensive dispute resolution.

The law is based on the UNCITRAL Model Law on International Commercial Arbitration, and covers all stages of the arbitral process, from the arbitration agreement to the recognition and enforcement of arbitral awards.

The adaptation of the model law makes the DIFC Arbitration Law practical and comprehensible to all arbitration practitioners.

The new law covers all aspects of legislation necessary to accommodate the unique set-up of the DIFC's jurisdiction and legal framework and to overcome any hurdles presented by the region's unique market conditions and dynamics.

The establishment of the DIFC-LCIA Arbitration Centre is part of a strategy to position Dubai as an international arbitration jurisdiction."

Shaikh Maktoum