The DIFC’s litigation and arbitration functions are to be consolidated under a new single dispute settlement body, pursuant to Law No. 7 of 2014 promulgated by Dubai’s ruler. The full article can be accessed here.
The DIFC is a Dubai-based onshore financial center which provides a financial and legal “free zone” for business and financial institutions who seek to invest and do business in the region under a stable platform. The DIFC creates a unique legal jurisdiction within the UAE that is based on the English common law system.
Included within the DIFC is a leading arbitral institution, the DIFC-LCIA, a partnership between the DIFC and the internationally-renowned London Court for International Arbitration. The DIFC-LCIA partnership is not expected to be affected by the consolidation under the new law.