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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Dubai International Arbitration Centre (DIAC) has launched the highly anticipated DIAC Arbitration Rules 2022, which will come into effect on 21 March 2022.
The new rules, which were approved by the DIAC Board of Directors on 25 February 2022, will provide much needed clarity and certainty to legal practitioners and parties wishing to resolve their disputes through DIAC. In this regard, the DIAC Arbitration Rules 2022 include provisions on:
In addition, the new rules establish the Dubai International Financial Centre (“DIFC”) as the default seat of arbitration meaning that DIAC arbitrations will be governed by the 2008 DIFC Arbitration Law (as amended in 2013), unless the parties agree otherwise. Furthermore, the new Rules drive out concerns, which existed under the DIAC Arbitration Rules 2007 regarding the lack of power DIAC tribunals had to award the legal fees of parties in arbitration by expressly providing for such tribunals’ authority to award such costs under the provisions therein.
In addition to releasing the DIAC Arbitration Rules 2022, DIAC has also announced the appointment of the members of the DIAC Court of Arbitration established in accordance with the Statute of the DIAC, issued by Decree No. 34 of 2021 of the Government of Dubai. The DIAC Court of Arbitration will take over some of the duties of the now defunct DIAC Executive Committee and will undertake a general supervisory role over all alternative dispute resolution services offered by DIAC.
Partner, Regional Head of Dispute Resolutionh.firstname.lastname@example.org
Partner, Head of Arbitrationt.email@example.com
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