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Dr Al Mulla and Dr Hwang ... cooperation agreement

DIFC inks tie-up to expedite arbitral awards

DUBAI, September 21, 2016

Dubai International Arbitration Centre (DIAC) and the DIFC Dispute Resolution Authority (DRA) have signed a cooperation agreement that paves the way for faster enforcement of arbitral awards in the future.

The memorandum signed by Dr Habib Al Mulla, chairman of DIAC, and Dr Michael Hwang, SC, head of the DRA, formalises this objective by covering areas such as the exchange of information relevant to enforcement requests. DIAC will also consider amending its current rules to include provisions for the expedited recognition, ratification and enforcement of its arbitral awards by the DIFC Courts.

Dr Al Mulla said: “DIAC’s decision to offer enforcement of its awards through the DIFC Courts was the natural next step in our work to support business in Dubai. This agreement establishes the framework for parties to enforce awards through either the DIFC Courts or Dubai Courts, bringing a further layer of choice to the emirate’s infrastructure for resolving disputes. We look forward to working with the DRA team to ensure the process for parties opting for DIFC Courts enforcement is as seamless and efficient as possible.”

Dr Hwang said: “By offering both certainty and choice, Dubai’s unparalleled suite of global dispute resolution services continue to underpin its position as a major hub for business. Through a series of memoranda with leading international jurisdictions, the DIFC Courts have established one of the world’s strongest enforcement regimes. Parties using DIAC’s services can now benefit from this work simply by opting to have their arbitral awards enforced through the DIFC Courts.”

The memorandum will also see DIAC and the DRA cooperate on programmes beneficial to the UAE legal community, including research, training and events.  

DIAC is a Dubai Chamber of Commerce and Industry initiative. Founded in 1994, it is a permanent, independent, non-profit organisation which aims to provide arbitration services and the settlement of trade disputes in local, regional and international business communities at reasonable prices.

The DRA is the body that administers justice and legal excellence within the DIFC and serves as the gateway to a suite of dispute resolution services for businesses, lawyers and individuals. – TradeArabia News Service




Tags: Dubai | DIFC | DRA |

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