Dubai sets up business arbitration centre

The Dubai International Financial Centre (DIFC) said on Sunday it was setting up an arbitration centre for firms in the booming Gulf emirate which aims to become a global trade and financial hub.

The joint venture with the London Court of International Arbitration will offer "dispute resolution services to all business and commercial sectors," the DIFC said in a statement.

"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," it added.

The DIFC is a state-backed company that owns a business and finance centre in Dubai, one of seven emirates making up the UAE federation. (AFP)