Dubai’s Ruler has issued Dubai Decree No. 34/2021 dissolving the Emirates Maritime Arbitration Centre.
The Dubai International Financial Centre Arbitration Institute will also be dissolved.
Their operations and assets will be emerged into a Dubai International Arbitration Centre. It will be an independent non-profit institution and will provide regional and international business communities with world-class arbitration services.
Ownership of real estate, assets, funds, staff, financial allocations and membership base will also be transferred to the new Centre.
The Decree specifies the Centre’s objectives, functions and organisational structure. It will have a Board of Directors as well as an arbitration court which will be established in line with the new structure and an administrative unit.
The court will have 13 members, including a President and Vice President. Its members will have locally and internationally accredited arbitration expertise and will be appointed by decisions of the Centre’s Board of Directors for a non-renewable term of four years.
Dubai Decree No. 10/2004 will be repealed.
The Dubai Courts and DIFC Courts will continue to hear claims, applications and appeals related to arbitration proceedings conducted in tribunals of the dissolved arbitration centres.
Anything which contradicts or contravenes the Decree will be repealed.
The Centre will have to comply with the Decree within six months.
The aim is to boost the efficiency of the Emirate’s alternative dispute resolution sector and reinforce its status as a global arbitration hub. Also reported in Alroeya on 18 September 2021. For full story, click here.
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