The Dubai Chamber of Commerce and Industry-related Dubai International Arbitration Center (DIAC) is preparing to establish an office within the existing Dubai International Financial Center (DIFC) to align with Dubai’s goal to sustain supportive client relationships.
Originally created as the Center for Commercial Conciliation and Arbitration, the DAIC is now a permanent nonprofit entity with a mission of settling trade disputes for local, regional and global stakeholders. The organization relies on a team of professional arbitrators well versed in international holdings.
“The office will provide additional dimension to the center by emphasizing the importance of commercial arbitration in settling commercial disputes and highlighting the positive role it plays in strengthening the legal business environment in the emirate of Dubai and the region,” Dubai Chamber General Director Hama Buamim said.
DIAC Chairman Habib Al Mulla said the decision to locate the group’s office in the DIFC was based on a desire to provide involved parties with a readily accessible option for resolving differences without necessarily having to resort to the court system. He added that in cases where enforcement of settlement amounts becomes an issue, the participants can use either the Dubai courts or the DIFC’s own court network as an alternative resource.