Dubai’s DIAC launches first-of-its-Kind arbitration awards in MENA
•Awards celebrate the milestone of completing 2500 cases over the last decade
Dubai International Arbitration Centre (DIAC), the largest arbitration centre in the Middle East, launched Wednesday a first-of-its-kind award programme that will recognise the Middle East’s best performing arbitration firms and lawyers.
DIAC today unveiled the Arbitration Awards Programme in conjunction with the Dubai Arbitration Week and the second Annual Global Arbitration Review (GAR) Live Conference in the UAE. The launch of the Awards Programme also marks the completion of 2500 cases by DIAC over the last 10 years.
“The UAE is one of the largest hubs for real estate and construction dispute resolution in the Middle East region with most of the cases being referred to arbitration,” said Dr. Habib Al Mulla, Chairman of the DIAC Board of Trustees and Chairman of Baker & McKenzie Habib Al Mulla in the UAE. “Over the years, DIAC has been providing efficient and impartial administration of commercial disputes to local, regional and international businesses, through a pool of experienced arbitrators drawn from different nationalities and legal backgrounds.
“With the launch of the Dubai Arbitration Awards we aim to recognise the brightest talent and best performing firms from across the Middle East, who have contributed to the growth of Dubai’s international arbitration practice. A lothas been achieved over the past decade and the Dubai Arbitration Awards will go on to showcase our deep experience and commitment towards providing exemplary service,” added Dr. Habib.
Dr. Tarek Fouad Riad, Chairman of the Executive Committee of DIAC and Managing Partner of Kosheri, Rashed and Riad in Egypt, revealed that a host of award categories have been identified for the newly introduced Arbitration Awards. He added that the 12 categories are: Best Arbitrational Practitioner; Best Chairman of Arbitral Tribunal in the Middle East; Best Sole Arbitrator in the Middle East; Best Co-Arbitrator in the Middle East; Best International Arbitration Law Firm in the Middle East; Best Arab Arbitration Law Firm in the Middle East; Best Local (Emirati) Arbitration Law Firm in the Middle East; Best International Arbitration Lawyer for Claimants in the Middle East; Best International Arbitration Lawyer for Respondents in the Middle East; Best Arab Arbitration Lawyer for Claimants in the Middle East; Best Arbitration Lawyer for Defendants in the Middle East and the Best Young Arbitration Practitioner in the Middle East.
Dr. Riad explained that all award categories will include three levels (Platinum, Gold and Silver) that will aim to recognize the efforts of those who have made a significant contribution to the development and practice of international arbitration in the UAE and the Middle East. The judges will be drawn from the DIAC practitioners and the Awards ceremony will take place in the second quarter of 2016.
Both Dr. Al Mulla and Dr. Riad elaborated that “The Dubai Arbitration Awards are consistent with the objectives of the Dubai Chamber of Commerce which is focused towards ensuring a healthy, prosperous and secure environment for business in the future. After a peak of arbitrations in 2011, DIAC’s caseload decline is a testament to Dubai’s continued positive business climate and economic growth.
“We are confident that the Awards Programme will help set new benchmarks for arbitration practices across the region, as well as reflecting the importance that the UAE, and Dubai in particular, is placing on ensuring that these practices are in line with global standards.”
