His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the results of the 2023 annual report of the Dubai International Arbitration Centre, the largest center for resolving disputes through alternative means in the region, where the report reviewed the qualitative shift that This was achieved by the Center last year, and recorded a growth in the total number of cases, which consolidates Dubai’s position as a reliable global center in the field of dispute settlement.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “The Emirate of Dubai, with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, continues to consolidate its position as one of the five best places for international arbitration and dispute resolution at the international level.” The world, which enhances the confidence of the international business community in the emirate as a model arbitration destination, and an attractive and ideal environment for investment, and in a way that supports achieving the goals of the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy, and for the emirate to be among the best three economic cities in the world.”
His Highness stressed that “the distinguished performance of the Dubai International Arbitration Center in 2023 is the result of continuous efforts to develop an integrated legal system that is in line with international best practices and ensures transparency and speed in settling disputes through alternative means.” His Highness expressed his appreciation for the efforts of those in charge of the center that contributed to achieving The rapid development witnessed by the center.
His Highness added: “We are continuing to support the Dubai International Arbitration Center and enhance its capabilities to consolidate its success and ensure fair results for all parties concerned in various sectors around the world, so that it remains a role model in providing efficient and quality services, in a way that meets the evolving needs of arbitration and business communities and enhances confidence in Our legal system.”
His Highness said in a blog post on the “X” website yesterday: “I reviewed the annual report of the Dubai International Arbitration Center for the year 2023, which highlights remarkable growth, as 355 cases were registered in 2023, an increase of 4.4% on an annual basis, thus continuing its growth for the sixth year in a row. The total value of claims exceeded 5.5 billion dirhams, in addition to establishing strategic partnerships with the most prominent authorities concerned with arbitration at the regional and international levels, and hosting prominent international events in the field of international arbitration.”
His Highness continued: “Today, the Dubai Arbitration Center is witnessing interest from 49 countries, and continues its pioneering role in the sectors of construction, real estate, banking, financial services, technology, and logistics services, and is day after day consolidating its global position as a leading center for international arbitration in line with the Dubai Economic Agenda D33.”
His Highness stressed that, “In conjunction with the 30th anniversary of the founding of the Center, we continue our mission in translating the visions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, by providing effective mechanisms for resolving disputes in a way that enhances investor confidence, establishing new standards of excellence in arbitration, achieving global leadership in the field of arbitration, and consolidating Dubai’s position.” A first destination for entrepreneurs and investment.”
In turn, Chairman of the Board of Directors of the Dubai International Arbitration Center, Dr. Tariq Humaid Al Tayer, said: “The growth and development achieved by the Center would not have been possible without the dedication and efforts of our team. “Their determination and dedication have been instrumental in the Center’s achievements over the past year.”
He added: “As we celebrate the center’s 30th anniversary this year, we continue to focus on embracing innovation and increasing efficiency to ensure that Dubai is the preferred destination for resolving disputes.”
The results of the 2023 annual report of the Dubai International Arbitration Center showed that the center registered 355 new cases in 2023, an increase of 4.4% over 2022, thus continuing its growth for the sixth year in a row, as the total value of claims exceeded 5.5 billion dirhams (approximately 1.5 billion dollars). American), and the value of the largest case amounted to 1 billion and 94 million dirhams (approximately 298 million dollars).
The report confirmed that the center entered the white list of arbitration centers according to the Global Arbitration Review magazine, being the only one in the country, and one of three arbitration centers from the Middle East and Africa regions.
According to the report, the registered cases included a group of major sectors, including construction, real estate, banks, financial services, tourism, logistics services, transportation, media, technology and communications. This growth reflects the increasing resort to alternative means of dispute resolution in the commercial sector, as the center enjoys a global reputation thanks to the services it provides. Highly efficient arbitration and mediation.
The report indicated that parties from 49 countries chose the center to resolve their commercial disputes, including the Kingdom of Saudi Arabia, the United Kingdom, India, China, Germany, Singapore, Nigeria, and the United States, which reflects its global status and the trust it enjoys from international parties.
Maktoum bin Mohammed:
Enhancing the confidence of the international business community in Dubai as a model arbitration destination and an attractive and ideal environment for investment.
The Dubai Arbitration Center witnesses interest from 49 countries, and continues its leadership role in the construction, real estate, financial services and technology sectors.
• 355 cases recorded by the Center in 2023, an increase of 4.4% over 2022.
• 5.5 billion dirhams, the total value of claims.
• 1.094 billion dirhams, the value of the largest case.
• 102 events in Dubai Arbitration Week.
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