The Dubai International Arbitration Center (“DIAC”), named one of the top ten centers in the world by the International Arbitration Survey, has finalized their latest Rules of Arbitration which will come into force as of 21 March 2022.
The latest set of Rules were drafted with a focus on streamlining arbitration procedures and facilitating further efficiency of the proceedings. Although the new Rules have yet to be published, they were approved by the DIAC’s Board of Directors at a board meeting held on 25 February, and we have been given a small taste of what’s in store.
Notable additions to the new Rules include:
With respect to fees, legal fees are now part of the arbitration costs and could be claimed by the parties under the new Rules.
The new Rules reflect the latest developments in the field of international arbitration, as well as the evolving needs of the business community. It is aimed at improving the efficiency of the arbitration procedures and ensuring that the users benefit from a wide range of additions.
In discussing the new Rules, Dr. Ahmed Bin Hazeem, Vice Chairman of DIAC and President of the Court of Arbitration stated:
“Aligned with the UAE Arbitration Law, DIAC’s new Arbitration Rules reflect the digitalization of the businesses in the post COVID-era.”
The new Rules will come into effect starting 21 March 2022 and will govern all new requests for arbitration and exceptional procedures submitted after this date.
We will publish a follow up examining the new Rules once they have been published.