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The new arbitration law (DIFC Law No.1 of 2008), repeals the previous legislation in this area (DIFC Law No.8 of 2004) and will be effective immediately.
Commenting on the revised law, Patrick Bourke, Head of Norton Rose's Middle East dispute resolution practice, noted:
"Norton Rose was delighted to be given the opportunity to work together with DIFC on this project. The introduction of new arbitration legislation is demonstrative of DIFC's intent to cement its position as the major forum for the conduct of arbitration in the region, following the recent launch of the DIFC LCIA Arbitration Centre. Revising DIFC's arbitration legislation was a demanding task given the high expectations for the revised law, which we trust will enable DIFC to maintain its position as the world's fastest growing international financial centre."
The new law is based on the UNCITRAL Model Law on International Commercial Arbitration (which is recognised world-wide as the accepted international legislative standard for a modern arbitration law), and covers all stages of the arbitral process, from the form and content of arbitration agreements to the recognition and enforcement of arbitral awards.
The key change to the new arbitration framework is the removal of restrictions on the jurisdiction of DIFC, which will allow parties without a connection to DIFC, both foreign and domestic, to arbitrate disputes in DIFC. The new law also makes it clear that the DIFC Courts are bound by the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (commonly known as the New York Convention), and confirms that awards made within the jurisdiction of DIFC are to be enforced by the Dubai Courts without further review of the tribunal's decision. These measures are likely to further enhance the appeal of the DIFC arbitration law to those doing business in the UAE.
Posted by Anne-Birte Stensgaard, Senior News Editor
