DIAC Issues First Annual Report
On 8 June 2023, the Dubai International Arbitration Centre (DIAC) published its first ever Annual Report, highlighting key updates from 2022 and emphasising its commitment to providing effective dispute resolution in the region through (amongst other things) innovation, technical expertise, case management capability and collaboration.
The progress of DIAC is reflected in the following key statistics:
- Growth: 340 new cases registered in 2022 with a combined value of AED11.2 billion (approximately USD3.1 billion), ranging in value from AED17,300 to AED1.5 billion
- International reach: 44% of the new cases involved international disputes
- Sector representation: construction cases dominated the DIAC caseload (49%) followed by commercial disputes (27%) and real estate disputes (16%)
- Diversity: the nationality of parties spanned 48 countries and every continent
2022 was a big year for DIAC - its much-anticipated 2022 Arbitration Rules were published, the Centre unveiled its new administrative body (the DIAC Arbitration Court), new Registrar, new Deputy Registrar, new branding, new website, and new office in the DIFC.
The Annual Report also details the launch of a new strategic plan, which includes offering training programs, hosting events, forging strategic partnerships, and using the latest technology. DIAC aim to develop an e-case management system and to embrace emerging technologies such as virtual reality, the metaverse and AI.
The full text of the DIAC Annual Report can be found here.
