Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum approved a decree on Sunday, November 7, for the formation of the Board of Directors of the Dubai International Arbitration Center or DIAC, local reports have said.
He has also directed them to establish Dubai as a leading global center for alternative dispute resolution as per the highest standards of efficiency and transparency, said the reports.
Sheikh Mohammed in September ordered the formation of the DIAC through a decree that merged the operations and assets of the Emirates Maritime Arbitration Center and the Dubai International Financial Center Arbitration Institute.
That decree effectively dissolved both of those organizations, and also called for the formation of a Board of Directors for DIAC.
Now, as per Sunday’s decree, this board will be chaired by Tarik Humaid Al Tayer, while Ahmed Saeed Al Suwaidi will be the vice-chairman, said the local reports.
Other members of the board are said to include Ahmed Saeed Belyouha, Ahmed Mohammed Al Rasheed, Jehad Abdulrazzaq Kazim, Abdulaziz Mohammed Al Marri, and Graham Kenneth Lovett.
Sheikh Mohammed reportedly directed the newly formed board to develop the center into one of the world’s top five arbitration centers in the next three years, and ensure it maintains the highest standards of efficiency and transparency.