New DIAC Arbitration Rules
The Dubai International Arbitration Centre (DIAC) will soon be releasing a new set of arbitration rules.
The new DIAC Arbitration Rules are yet to be published, but DIAC has outlined a number of the new provisions it intends to introduce. DIAC is a leading arbitral institution in the Middle East, and these important revisions to its rules should provide banks and other arbitration users in the financial services sector with greater confidence in choosing DIAC arbitration when contracting with counterparties in the Middle East.
Many of the revisions are intended to improve cost-effectiveness and the efficiency of DIAC arbitration, including new provisions on consolidation and joinder; the addition of an emergency arbitrator mechanism; and a procedure for expedited proceedings for low-value or simple disputes. Additionally, it is intended that the default seat of arbitration under the Rules will now be the DIFC (replacing the previous default seat, which was onshore Dubai).
This case summary is part of the Allen & Overy Legal & Regulatory Risk Note, a quarterly publication. For more information please contact Karen Birch – email@example.com, or tel +44 20 3088 3710.