The Dubai International Financial Center (DIFC) has merged the DIFC Arbitration Institute (DAI) with the Emirates Maritime Arbitration Center (EMAC) to create a unified body called the Dubai International Arbitration Center (DIAC), an autonomous, permanent, not-for-profit institution that offers regional and international business circles to provide arbitration services. The current arbitration services will continue for the users without interruption. All agreements concluded between DAI and EMAC are valid and effective with DIAC.
The merger of the DAI and EMAC will improve Dubai’s ability to compete with other global arbitration centers on the international stage. One of the goals of DIAC is to strengthen Dubai’s position as a reliable global center for alternative dispute resolution. It also ensures that DIAC is one of the best options for efficient and effective dispute resolution worldwide by applying international best practices.
The announcement follows the enactment of Decree 34 of 2021 by His Highness Sheikh Mohammed bin Rashid Al Maktoum in his capacity as ruler of Dubai. The decree provides the new DIAC with a new statute that introduces a new organizational structure in the unified body in the form of a board of directors, an arbitration tribunal and an administrative body. The decree laid down clear and comprehensive principles and requirements for DIAC, which are based on international best practices.
Commenting on the merger, HE Essa Kazim, Governor of the DIFC: “The decision to pool the efforts of the arbitration centers will go a long way towards cementing Dubai’s position as a global dispute settlement hub. DIFC fully supports the approach that strengthens the Centre’s position as the preferred option to efficiently and effectively resolve disputes by following international best practices in the service of finance and business. “
