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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. Image Credit: WAM

Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, reviewed the results of Dubai International Arbitration Centre’s 2022 Annual Report, on Thursday.

In the past year, the centre recorded 340 new cases, a 23 per cent increase over the number of cases registered in 2021. The total value of these cases amounted to Dh11.2 billion. The report also revealed that 44 per cent of these cases involved international disputes. The cases spanned various sectors, with the construction sector accounting for 49 per cent, followed by commercial sector at 27 per cent, and the real estate sector at 16 per cent. Notably, these cases involved individuals representing 48 countries.

Sheikh Maktoum stated: “The Centre's outstanding results boost its efforts to strengthen its status as one of the top five global alternate dispute resolution centres over the next four years, supporting the goals of the Dubai Economic Agenda D33."

Dr. Tariq Humaid Al Tayer, Chairman of the Centre's Board of Directors, said: “Our most notable accomplishments of the past year include the development and implementation of a forward-looking strategy to enhance capabilities, embrace diversity, and leverage advanced technologies for the advancement of the Centre and the arbitration environment in general.”

The Dubai International Arbitration Centre is the largest international arbitration centre in the region, providing parties of all nationalities and jurisdictions the opportunity to settle their commercial disputes outside the traditional judicial courts. The centre was established in 1994 under the name of the Commercial Conciliation and Arbitration Centre as an initiative of the Dubai Chamber of Commerce and Industry and developed into the Dubai International Arbitration Centre in 2004 in accordance with Decree No. 10 of 2004.