New DIAC 2022 rules launched: A comparison of key changes
The Dubai International Arbitration Centre (DIAC) has recently issued the DIAC Arbitration Rules 2022 (the Rules), which came into effect as of 21 March. This is following the enactment of Dubai Decree No. 34 of 2021 (the Decree), which abolished the DIFC-based Emirates Maritime Arbitration Centre and the DIFC Arbitration Institute and transferred the assets, employees, funds and cases of these bodies to a re-launched Dubai International Arbitration Centre.
The simplification of Dubai’s arbitration landscape is an ambitious and positive development for the UAE as it seeks to consolidate its position as a global arbitration hub. However, it is important that businesses are up-to-speed with the new Rules and their scope and implications.
We set out below out a summary of the changes made by the newly-published 2022 Rules, as compared to the previous 2007 Rules.