When Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum announced a new decree anointing the Dubai International Arbitration Centre as sole arbitral chamber in the emirate, surprise, shock, and consternation were just some of the terms industry participants used to describe their reactions.
Coming into effect on September 20, the move effectively signaled the abolition of the Dubai International Financial Centre-London Court of International Arbitration (DIFC-LCIA), paving the way for the Dubai International Arbitration Centre to act as sole dispute-resolution seat in the emirate.
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