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In order for financial institutions to function within a framework of standards that are based on efficiency, transparency and reliability, it is important that the standards followed are as per the international criteria. The development of such a set-up is also critical for the functioning of these institutions in the UAE.
A new Arbitration Law of the Dubai International Financial Centre (DIFC) has been recently enacted, which would enable the DIFC-LCIA Arbitration Centre to provide dispute resolution services for companies worldwide. The entity is a joint venture between London Court of International Arbitration (LCIA) and the DIFC.
"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," said Omar Bin Sulaiman, Governor of DIFC.
Now that the platform for such activities is set up, it is important that its functioning comes into full force with local companies benefiting from it as well. When it comes to arbitration, efficiency and transparency would define not only how issues should be resolved, but also how the centre and the new law are perceived.
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