Maktoum bin Mohammed examines Dubai International Arbitration Centre’s 2022 report findings.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, recently reviewed the outcomes of Dubai International Arbitration Centre’s (DIAC) Annual Report for 2022. DIAC, the largest alternative dispute resolution center in the Middle East, has made significant strides under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. The report highlights the center’s growth in total cases, solidifying its leadership in the realm of dispute resolution.
Sheikh Maktoum expressed his satisfaction with the remarkable achievements of the Dubai International Arbitration Centre in 2022. These accomplishments embody the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to establish Dubai as a leading global hub for resolving disputes through alternative means. The exceptional results attained by the center further reinforce its pursuit to become one of the top five global alternative dispute resolution centers by 2026, aligning with the objectives of the Dubai Economic Agenda D33.
His Highness underscored that the center’s expanding business and its competence in handling diverse cases contribute to Dubai’s status as a favored destination for international companies and investors worldwide. The increase in cases also signifies the growing recognition among the business community regarding the importance of arbitration and alternative dispute resolution methods.
Dr. Tariq Humaid Al Tayer, Chairman of the DIAC Board of Directors, expressed delight in releasing the center’s annual report for 2022, which showcases its achievements and successful endeavors in becoming a global leader in arbitration. Key accomplishments from the past year include the development and implementation of a forward-looking strategy to enhance capabilities, embrace diversity, and leverage advanced technologies for the betterment of the center and the arbitration landscape as a whole.
The DIAC recorded 340 new cases in the past year, marking a 23 percent increase compared to the previous year. The total value of these cases reached AED 11.2 billion (approximately US$3.1 billion), demonstrating the center’s capabilities and international reach in handling a wide range of cases from around the world. The report also revealed that 44 percent of these cases involved international disputes, further solidifying the center’s reputation in the field of international arbitration. These cases encompassed various sectors, with construction accounting for 49 percent, followed by the commercial sector at 27 percent and the real estate sector at 16 percent. Notably, individuals representing 48 countries from all continents were involved in these cases.
One significant development highlighted in the annual report was the introduction of new arbitration rules in 2022. These rules aim to modernize procedures and align with international best practices, thereby enhancing the effectiveness of arbitration services provided by the center to its users within the country, the region, and globally. Furthermore, these rules contribute to strengthening Dubai’s position as an international center for alternative dispute resolution. The report emphasized the center’s commitment to engaging stakeholders, fostering innovation and excellence, establishing strategic partnerships, and investing in cutting-edge technologies. Future initiatives include service development, the implementation of an electronic case management system, building a high-performance workforce, and exploring advanced technologies such as artificial intelligence and virtual reality.
The report also highlighted the center’s dedication to upholding sustainability, inclusiveness, and diversity principles in its operations. It emphasized the center’s commitment to fairness, transparency, and efficiency, along with its endorsement of two pledges of allegiance that reflect adherence to these principles. Additionally, the center sponsored an event focused on diversity and inclusion, further promoting these values within its sphere of influence.
