London arbitration body in Dubai JV launch
The London Court of International Arbitration (LCIA) and the Dubai International Financial Centre (DIFC) have launched a joint venture in the Middle East, it was announced yesterday (17 February). The DIFC LCIA Arbitration Centre aims to boost the profile of the emirate as a venue for international arbitration and mediation services. The new centre will have access to the LCIA's database of arbitrators and will closely follow LCIA rules.
February 18, 2008 at 06:29 AM
2 minute read
The London Court of International Arbitration (LCIA) and the Dubai International Financial Centre (DIFC) have launched a joint venture in the Middle East, it was announced yesterday (17 February).
The DIFC LCIA Arbitration Centre aims to boost the profile of the emirate as a venue for international arbitration and mediation services. The new centre will have access to the LCIA's database of arbitrators and will closely follow LCIA rules.
DIFC governor Omar Bin Sulaiman and LCIA director general Adrian Winstanley signed an agreement launching the venture during a ceremony at the DIFC Conference Centre yesterday.
Commenting on the move, Winstanley said: "This important initiative [will] provide – within the DIFC itself – the efficient, neutral, dependable and cost-effective [alternative dispute resolution] services for which the LCIA is widely known, for parties doing business in, through and beyond DIFC."
He added: "This cooperative venture underlines the LCIA's recognition of the important and burgeoning economies of Dubai and the wider Middle East, within which the LCIA hopes to make a greater contribution to the provision of commercial dispute resolution services and associated information and training programmes."
The news comes with a number of major international firms targeting the Middle East region for investment, with US giant Latham & Watkins this week announcing plans to launch in Dubai, Abu Dhabi and Doha over the next few months.
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