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Update: The latest on DIAC & Decree. 34/2021

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The Dubai International Arbitration Centre (DIAC) and the London Court of International Arbitration (LCIA) have announced this morning their agreement to terms consistent with Dubai Decree No 34 of 2021. Under these terms:

(a) Arbitrations commenced and registered as of 21 March 2022, and arising out of agreements opting for the DIFC-LCIA rules and submitted to DIAC for administration will be administered by DIAC in accordance with the DIAC 2022 Rules.

Similarly, all mediations and other alternative dispute resolution proceedings subjected to the DIFC-LCIA Rules, including ad hoc proceedings where the DIFC-LCIA is agreed as the appointing authority, and commenced and registered on or after 21 March 2022 will be registered by DIAC and administered under the DIAC 2022 Rules, unless otherwise agreed by the parties.

(b) Arbitrations which were commenced and registered under a designated DIFC-LCIA case number on or before 20 March 2022, will be administered by the LCIA.

(c) Case-work related payments and funds paid by parties into bank accounts previously held by the DIFC-LCIA (and now owned by DIAC) will be transferred by DIAC to the LCIA to be disbursed as necessary by the LCIA directly. The LCIA will communicate with parties and tribunals as soon as practicable with further details in that regard.

(d) Payments made by arbitration parties in respect of the arbitration costs of cases commenced on or after 21 March 2022 are to be paid into accounts owned by DIAC.

DIAC have also separately announced that as of 21 March 2022, arbitration agreement which opt for EMAC arbitration rules will also be administered in accordance with the DIAC 2022 Rules.

For more information on the DIAC 2022 Rules, please see our coverage here.