The Dubai International Arbitration Centre (DIAC) has introduced its modern mediation rules, setting a new standard in alternative dispute resolution amidst an evolving commercial landscape.
Dubai International Arbitration Centre’s commitment to meeting the dynamic needs of the business community is evident with this step. These rules align with the latest dispute resolution benchmarks and solidify Dubai’s reputation as a global hub for reliable alternative dispute resolution.
DIAC’s Mediation Rules
Jehad Kazim, DIAC Executive Director, remarked on the significance, “Mediation is deeply rooted in numerous cultures, and introducing these mediation rules marks a milestone in our institutional growth and our determination to merge time-honoured traditions with modern techniques. We aim to pioneer and lead, ensuring our services are in sync with today’s dynamic business world.”
A standout feature of the new rules are the promise of confidentiality. DIAC guarantees clear timeframes for resolutions and provides industry-specific mediators, ensuring the unique requirements of every sector are expertly met.
Globally, the traction mediation has gained is noteworthy. Recent data highlights a surge in commercial disputes opting for mediation. With international endorsements such as the Singapore Convention, the value and effectiveness of mediation are further emphasised.
Commercial Mediation
Reported settlement rates in regions like the US hover around 70%, and commercial mediation has reportedly saved businesses substantial amounts in the UK.
The official launch was marked at a special event that showcased profound discussions steered by Gemma Nemer, CEO of Falcon & Associates.
Panellists Graham Lovett, DIAC Board of Directors Member and Partner at Akin Gump Strauss Hauer & Feld LLP, Mohammed AlSuwaidi, DIAC Arbitration Court Member and Managing Partner of Alsuwaidi & Company LLC, and Wolf Von Kumberg, DIAC Advisory Committee Member, Independent Mediator and Arbitrator Arbitra International, shed light on the new rules and the future of mediation.
tanvir@dubainewsweek.com
