DIAC launches the Middle East’s first Arbitration Awards

Dr. Tarek Fouad Riad and Dr. Habib Al Mulla 

Dubai International Arbitration Centre (DIAC) launched a first-of-its-kind award programme that will recognise the Middle East’s best performing arbitration firms and lawyers.

“The UAE is one of the largest hubs for real estate and construction dispute resolution in the Middle East region with most of the cases being referred to arbitration,” said Dr. Habib Al Mulla, chairman of the DIAC Board of Trustees and Chairman of Baker & McKenzie Habib Al Mulla in the UAE. “Over the years, DIAC has been providing efficient and impartial administration of commercial disputes to local, regional and international businesses, through a pool of experienced arbitrators drawn from different nationalities and legal backgrounds.

“With the launch of the Dubai Arbitration Awards we aim to recognise the brightest talent and best performing firms from across the Middle East, who have contributed to the growth of Dubai's international arbitration practice. A lothas been achieved over the past decade and the Dubai Arbitration Awards will go on to showcase our deep experience and commitment towards providing exemplary service,” added Dr. Habib. 

Dr. Tarek Fouad Riad, chairman of the executive committee of DIAC and managing partner of Kosheri, Rashed and Riad in Egypt, revealed that a host of award categories have been identified for the newly introduced Arbitration Awards. He added that the 12 categories are: Best Arbitrational Practitioner; Best Chairman of Arbitral Tribunal in the Middle East; Best Sole Arbitrator in the Middle East; Best Co-Arbitrator in the Middle East; Best International Arbitration Law Firm in the Middle East; Best Arab Arbitration Law Firm in the Middle East; Best Local (Emirati) Arbitration Law Firm in the Middle East; Best International Arbitration Lawyer for Claimants in the Middle East; Best International Arbitration Lawyer for Respondents in the Middle East; Best Arab Arbitration Lawyer for Claimants in the Middle East; Best Arbitration Lawyer for Defendants in the Middle East and the Best Young Arbitration Practitioner in the Middle East.

Dr. Riad explained that all award categories will include three levels (Platinum, Gold and Silver) that will aim to recognise the efforts of those who have made a significant contribution to the development and practice of international arbitration in the UAE and the Middle East. The judges will be drawn from the DIAC practitioners and the Awards ceremony will take place in the second quarter of 2016.

Both Dr. Al Mulla and Dr. Riad said, “We are confident that the Awards Programme will help set new benchmarks for arbitration practices across the region, as well as reflecting the importance that the UAE, and Dubai in particular, is placing on ensuring that these practices are in line with global standards.”

DIAC unveiled the Arbitration Awards Programme in conjunction with the Dubai Arbitration Week and the second Annual Global Arbitration Review (GAR) Live Conference in the UAE. The launch of the Awards Programme also marks the completion of 2500 cases by DIAC over the last 10 years.  A few more interesting statistics, 70 per cent of disputes in ongoing cases are from the Real Estate sector, 41 per cent of arbitrators directly appointed by the Executive Committee are below the age of 40 and 30 per cent of arbitrators appointed by the EC in the open cases are women.