DIAC has recently opened its branch in the Dubai International Financial Centre. Image Credit: Gulf News Archives

Dubai: The Dubai International Arbitration Centre (DIAC) on Sunday confirmed that, in compliance with Decree No. 34 of 2021, parties wishing to commence arbitration proceedings for disputes with underlying arbitration agreements abolished by the decree should approach DIAC directly with effect from March 21.

Such proceedings will be administered under the new DIAC Arbitration Rules 2022, which have recently been approved by the DIAC’s board of directors.

The new development marks the end of the six-month transitional period provided by the decree. Since the implementation of the decree, DIAC succeeded in complying with all the requirements set forth therein by taking all the necessary actions in preparation for its newly assumed duties. Most notably, DIAC issued its new Arbitration Rules, which will significantly enhance DIAC’s offering. In addition, DIAC has opened its branch in the Dubai International Financial Centre (DIFC).