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Dubai: The Dubai International Financial Centre (DIFC) on Saturday issued consultation papers to seek comment on a new Arbitration Law, which seeks to replace the existing law.
The proposed law, which contains a significant number of enhancements, is designed to accommodate and facilitate the setting up of an Arbitration Centre, DIFC said in a statement.
The changes, drafted in consultation with prominent arbitration practitioners, are aimed at making the Arbitration Law practical and comprehensible to all arbitration practitioners.
The proposed arbitration framework, in accordance with international arbitration practices, will make the system simpler, more manageable, and therefore more attractive to the international community.
"As the DIFC continues to be a catalyst for regional economic growth, development and diversification, we are committed to improving and expanding the products and services available in the region. The proposed Arbitration Law will ensure that companies in the region will have an expeditious, cost effective alternative to expensive, time-consuming dispute settlements through the courts," said Dr Omar Bin Sulaiman, Governor of the DIFC.
One of the main changes is the adoption of the UNCITRAL Model Law, with amendments aimed at improving its provisions. Another important change is specifically set to widen the scope of arbitration that the law governs, to include all types of arbitration and parties opting to arbitrate at DIFC.
In drafting the new law, all aspects of legislation necessary to accommodate the unique setup of the DIFC jurisdiction and legal framework were taken into consideration, as well as the importance of overcoming hurdles presented by the region's unique market conditions and dynamics.
The proposed DIFC Arbitration Law will be posted on the DIFC website today for a period of 30 days for public consultation. The public is invited to forward any comments to Dean A. Ferris, chief legal officer of the DIFC Authority.
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