Norton Rose has played a lead advisory role on new arbitration legislation drafted by the Dubai International Financial Centre (DIFC) in an attempt to make the country a more attractive site for international arbitration. The City law firm's Dubai dispute resolution team helped design the new law, which will allow domestic parties and foreign parties without any connection to the DIFC to arbitrate disputes in the DIFC's courts.A raft of local and international law firms also played a role in designing the new law, which came into effect earlier this month (1 September) after being signed off by Sheikh Mohammed, ruler of Dubai. Freshfields Bruckhaus Deringer, Allen & Overy and Clyde & Co, as well as local firms Al Tamimi & Co and Hadef Al Dhahiri & Associates, were all part of a focus group reviewing the law, which was also overseen by the London Court of International Arbitration (LCIA) director general and registrar Adrian Winstanley.Norton Rose's Dubai head of disputes, Patrick Bourke, said the new legislation was part of the DIFC's intent to position itself as a major forum for arbitration in the region. He told Legal Week: "The DIFC now has a user-friendly law as a foundation for its arbitration. It was fascinating and a privilege to be involved in the process and to see the DIFC's desire to make sure that it has a first-class arbitration law."Earlier this year the LCIA and the DIFC launched a joint venture in the Middle East also aimed at boosting the profile of the emirate. The new centre will have access to the LCIA's database of arbitrators and will closely follow LCIA rules.
September 18, 2008 at 01:47 AM
1 minute read
The original version of this story was published on Legalweek
Norton Rose has played a lead advisory role on new arbitration legislation drafted by the Dubai International Financial Centre (DIFC) in an attempt to make the country a more attractive site for international arbitration.
The City law firm’s Dubai dispute resolution team helped design the new law, which will allow domestic parties and foreign parties without any connection to the DIFC to arbitrate disputes in the DIFC’s courts.
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