His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and Chairman of the Dubai Judicial Council, convened a meeting today with Dr. Tariq Humaid Al Tayer, Chairman of the Board of Directors of the Dubai Arbitration Centre International. Also present were Dr. Michael Briles, President of the Dubai International Arbitration Center Court, and Irene Miller Rankin, Vice President of the Court.
The meeting, held at His Highness’s office in the Dubai International Financial Centre, delved into discussions about the Dubai International Arbitration Center’s remarkable growth as the largest center for alternative dispute resolution in the Middle East. Emphasis was placed on Dubai’s increasing global prominence in arbitration, particularly through the fortification of alternative and effective dispute resolution frameworks. This aligns with the Dubai Economic Agenda D33, aiming to position Dubai among the world’s top three economic cities.
His Highness underscored that Dubai, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, has not only invested in top-tier infrastructure, establishing itself as a favored destination for global financial and business institutions, but has also cultivated a robust legislative structure and an efficient legal system in accordance with international standards. This is exemplified by the pioneering role of the Dubai International Arbitration Center.
Expressing appreciation for the center’s efforts, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum acknowledged its role in Dubai’s rapid development as a global hub for financial and business activities. He affirmed its contribution to shaping the future of the sector, emphasizing the importance of enhancing Dubai’s attractiveness as a major platform for global institutions.
Dr. Tariq Humaid Al Tayer, Chairman of the Board of Directors of the Dubai International Arbitration Center, reiterated the center’s commitment to His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision. He thanked Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum for continuous support and guidance, which have strengthened Dubai’s judicial process and bolstered confidence in its arbitration capabilities.
The meeting, attended by dignitaries including Abdullah Mohammed Al Basti, Secretary General of the Executive Council of the Emirate of Dubai, and Professor Dr. Saif Ghanem Al Suwaidi, Secretary General of the Dubai Judicial Council, highlighted Dubai’s distinguished position as one of the top five places for international arbitration globally. The city’s growing preference in the field of arbitration is evident, with international companies increasingly seeking alternative and effective dispute resolution solutions in Dubai.
Established in 1994 as a center for commercial conciliation and arbitration, the Dubai International Arbitration Center evolved into DIAC in 2004 and became an independent non-profit entity in 2021. Since its inception, the Center has settled over 5,000 cases, totaling approximately 70 billion dirhams ($19.1 billion). In 2022 alone, the Center recorded 340 new cases, marking a 23% increase from 2021, with a total case value of 11.2 billion dirhams (about 3.1 billion US dollars). This underscores the Center’s capabilities in addressing a diverse array of global issues.