Dubai: The future for arbitration in Dubai just got brighter with the recent announcement that a new Arbitration Institute is to be established in the Dubai International Financial Centre (DIFC), law firm Clyde & Co writes.
Dubai Law No. (7) of 2014 amends the DIFC’s founding law and mandates the establishment of a Dispute Resolution Authority within the DIFC consisting of the DIFC Courts, the Arbitration Institute, and other tribunals or bodies established pursuant to the law.
The Arbitration Institute shall have a separate legal personality and is intended to operate independently from other bodies established in the DIFC including the DIFC Authority, the Dubai Financial Services Authority and the DIFC Courts.
“Once the Arbitration Institute is up and running, the business and legal communities can expect a centre of excellence in arbitration nestled in an environment built upon international best practices,” Clyde wrote. [22/06/14]