What You Need to Know About Dubai International Arbitration Centre (DIAC)

What You Need to Know About Dubai International Arbitration Centre (DIAC)
 
The Dubai International Arbitration Centre (DIAC) may be your first port of contact for conflict resolution if you are involved in a business dispute in the Middle East. Founded in 1985 by the order of the late Ruler of Dubai, His Highness Sheikh Rashid bin Saeed Al Maktoum, DIAC is a regional organization focusing on arbitration, conciliatory, and mediation of business disputes. One of the top arbitration organizations in the world, DIAC has a comprehensive set of rules based on the UNCITRAL Model Law on International Commercial Arbitration.
 
Using DIAC for arbitration has considerable benefits because of its expertise in managing difficult issues while utilizing global best practices. Also, it provides the best environment for resolving disputes because of its adaptable processes, state-of-the-art facilities, and skilled arbitrators. A formal request comprising details on the parties, the dispute, and the remedy sought must be submitted to DIAC and signed by the claimant to begin arbitration. After each party has chosen an arbitrator, the arbitral tribunal will be established and begin hearing arguments.
 
 
The main principles of the arbitral process at DIAC include communications and documents, hearings, and gathering evidence. These regulations guarantee that the arbitration is handled fairly and effectively. The largest arbitration case ever heard in the world involved a dispute between two telecommunications companies and two construction companies over constructing a luxury hotel in Dubai, leading to the largest award in DIAC's history. These are just a few of the notable cases heard at DIAC.