Maktoum Bin Mohammed Reviews 2023 Annual Report Of Dubai International Arbitration Centre Highlighting Growth And Global Expansion

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the 2023 annual report of the Dubai International Arbitration Centre (DIAC). The report highlighted a year of significant growth and global expansion for DIAC, with a notable rise in cases. This development reinforces Dubai's reputation as a reliable global hub for dispute resolution.

In 2023, DIAC recorded 355 new cases, marking a 4.4 percent increase from the previous year. The total claims exceeded AED5.5 billion (US$1.497 billion), with the highest dispute amounting to AED1,094,554,000 ($298,040,486). Key sectors benefiting from DIAC's expertise included construction, real estate, banking and finance, logistics and transport, tourism, media, and technology and telecommunication.

DIAC joined the Global Arbitration Review’s white list as the only arbitration centre in the UAE to achieve this distinction. It is one of just three centres in the Middle East and Africa regions to be recognised this way. Parties from 49 countries chose DIAC for arbitration services in 2023, reflecting its global status and trust among international parties.

Sheikh Maktoum emphasised that DIAC's performance in 2023 reflects efforts to build a robust legal system aligned with international standards. "Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum," he said, "the emirate is solidifying its position as a top-five global hub for arbitration." He praised DIAC officials for their dedication to achieving these outcomes.

Dr. Tariq Humaid Al Tayer, Chairman of the Board of Directors at DIAC, credited the Centre's growth to its dedicated team. He stated that their hard work has brought recognition over the past year. As DIAC approaches its 30th anniversary in 2024, it remains focused on innovation and efficiency to ensure Dubai remains a preferred destination for dispute resolution.

The Centre also expanded its global reach by forming strategic alliances with key stakeholders regionally and internationally. This aligns with its goal to promote ADR as a preferred method for dispute resolution while sharing expertise and best practices within the arbitration ecosystem.

Diversity and Inclusion Initiatives

Reflecting its commitment to inclusion and diversity, 31 percent of all arbitrators appointed by DIAC last year were women. When selected by the Arbitration Court itself, this percentage rose to 47 percent. This aligns with DIAC's commitment to promoting gender parity within the arbitration system.

DIAC has been active in events and training initiatives as well. It supported Dubai Arbitration Week which included 102 events and hosted significant international gatherings such as ICMA XXII 2023 and IPBA 2023 Annual Meeting in Dubai.

Educational Initiatives

The Centre collaborated with educational institutions offering courses designed to nurture future arbitration professionals. New training initiatives like the DIAC 3 Stage Training Programme were introduced culminating in a professional diploma in international arbitration.

Established in 1994 as an independent non-governmental organisation providing comprehensive dispute resolution services globally across various industries; DIAC continues evolving meeting needs worldwide business community efficiently impartially ensuring fair outcomes involved parties since introducing updated rules reforms enhancing services further since 2022.

As it celebrates its milestone anniversary next year; DIAC remains dedicated advancing field dispute resolution bolstering investor confidence through transparent efficient mechanisms contributing towards Dubai Economic Agenda D33 UAE Centennial Plan setting benchmarks excellence enhancing position leading arbitral institution MEASA region globally establishing world leader ADR field.

With inputs from WAM