191201 Sheikh Mohammed Bin Rashid Al Maktoum
His Highness Sheikh Mohammed Bin Rashid Al Maktoum. Image Credit: WAM

Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No 34 of 2021 regarding the Dubai International Arbitration Centre, abolishing both the Emirates Maritime Arbitration Centre and the DIFC Arbitration Centre.

Accordingly, both entities’ competencies and powers will be merged with ‘International Arbitration Center’ established by Decree No 10 of 2004, a non-governmental, non-profit centre that enjoys legal identity and financial and administrative independence.

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The decree will be effective as of the date of publication in the Official Gazette.

The decree stipulates the transfer of ownership of real estate, movables, assets and funds belonging to the cancelled arbitration centres, as well as employees selected to be transferred, financial allocations, lists of arbitrators and conciliation mediators, to the Dubai International Arbitration Center.

This is in addition to the experts registered in the cancelled arbitration centres and the membership of their affiliated persons, provided that their registrations and memberships continue with the same conditions, procedures and fees approved at those centres until the expiry of the period of registration or membership.

Upon the renewal of registration and membership, the DIAC conditions, procedures and fees shall be applied.

According to the decree, all Emirates Maritime Arbitration Centre and the DIFC Arbitration Centre agreements concluded on the day of putting the decision into effect, will be considered valid and binding and the Dubai International Arbitration Center replaces these centres in considering and adjudicating disputes arising from those agreements, unless the parties agree otherwise.