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Green light for DIFC arbitration services
Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has enacted a new law that will enable the DIFC-LCIA Arbitration Centre to provide dispute resolution services to companies throughout the world.
DIFC-LCIA is a joint venture between the Dubai International Financial Centre (DIFC) and the London Court of International Arbitration (LCIA).
The Arbitration Law covers all stages of the arbitral process, from the arbitration agreement to the recognition and enforcement of arbitral awards.
“With the introduction of the Arbitration Law, DIFC now offers a legislative platform for comprehensive dispute resolution,” Dr Omar Bin Sulaiman, governor of DIFC, said.
“After a positive period of consultation, we are confident that the new Arbitration Law, in conjunction with the newly formed DIFC-LCIA Arbitration Centre, will ensure that local, regional and global companies have an expeditious, cost effective alternative to expensive, laborious dispute settlements done traditionally through the courts.”
The enactment of the law is the culmination of an extensive process in which it was drafted by an industry focus group, led by the DIFC Authority, consisting of companies operating in DIFC.
This was followed by a period of consultation during which the public was invited to comment on the law.
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