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- Dubai 04:00 05:25 12:20 15:41 19:09 20:34
The Dubai International Financial Centre (DIFC) yesterday issued consultation papers to seek comment on a new arbitration law, which replaces the existing legislation. This proposed law, which contains a significant number of enhancements is designed to facilitate the setting up of the DIFC’s Arbitration Centre.
The proposed changes, drafted in consultation with renowned arbitration practitioners, are aimed at making the arbitration law practical and comprehensible to every one. The arbitration framework, in accordance with international arbitration practices, will make the system simpler, more manageable, and therefore more attractive to the international community, according to a statement from the DIFC.
Dr Omar Bin Sulaiman, Governor of the DIFC, said: “As the DIFC continues to be a catalyst for regional economic growth, development and diversification, we are committed to improving and expanding the products and services available in the region. The proposed law will ensure companies have expeditious and cost-effective alternatives to expensive, time-consuming settlements through the courts.”
One of the main changes to the newly-drafted DIFC Arbitration Law is the adoption of the UNCITRAL Model Law, with amendments aimed at improving its provisions. Another important change is specifically set to widen the scope of arbitrations, which the law governs to include all types of arbitrations of parties opting to arbitrate at DIFC.
In drafting the new law, all aspects of legislation necessary to accommodate the unique set up of the DIFC jurisdiction and legal framework were taken into consideration, as well as the importance of overcoming hurdles presented by the region’s unique market conditions.
The law is being posted on the DIFC website today for a period of 30 days, for consultation.
Sheikh Mansour orders committee of experts
Minister of Presidential Affairs and Chairman of the Department of Judiciary in Abu Dhabi Sheikh Mansour bin Zayed Al Nahyan has issued a decision setting up the Directorate of technical experts to assist the courts in the disposal of disputes.
The decision also contains the rules and bylaws necessary to run the directorate in accordance with the common strategy laid out by the Department of Judiciary.
The directorate will develop a roster of experts and invite their services according to the nature of disputes. These experts will include auditors, engineers in various fields, as well as forensic experts and doctors.
The directorate will also accept requests from new experts to endorse their names on the list. It will also follow up the procedures of appointing experts in each case in accordance with the nature of the dispute. (Wam)
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