The Dubai International Arbitration Centre (DIAC) Annual Report has highlighted another transformative year marked by substantial growth and global expansion for DIAC, as evidenced by a significant increase in cases.
DIAC, the region's largest and leading alternative dispute resolution (ADR) institution, recorded 355 new cases in 2023, a 4.4 per cent increase from the previous year, with total claims exceeding AED5.5 billion (US$1.497 billion). The highest amount relating to a dispute was AED1,094,554,000 ($298,040,486).
Key sectors that benefited from DIAC’s expertise included construction, real estate, banking and finance, logistics and transport, tourism, media, and technology and telecommunication.
The steady growth in cases at DIAC reflects the increasing popularity of ADR within the commercial sector, where DIAC has established a strong reputation for its efficient and cost-effective arbitration and mediation services.
DIAC joined the Global Arbitration Review’s white list and is the only arbitration centre in the UAE and one of only three in the Middle East and Africa regions to achieve this distinction.
His Highness Sheikh Maktoum stated, “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the emirate is solidifying its position as a top-five global hub for arbitration and dispute resolution. This strengthens business confidence and attracts investment, directly supporting the Dubai Economic Agenda (D33) objective of doubling Dubai's economy and establishing it among the world's top three urban economies.”
He further emphasised that the exceptional performance of the DIAC in 2023 reflects ongoing efforts to build a robust and transparent legal system aligned with international best practices, ensuring efficient dispute resolution through alternative means.
Sheikh Maktoum commended DIAC officials for their dedication. “We remain committed to supporting DIAC's continued success in delivering justice to all parties, globally,” he concluded. “DIAC exemplifies efficient, high-quality services that meet the evolving needs of the arbitration and business communities, reinforcing trust in our legal system.”
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