Leading Arbitration Centre Continues Its Commitment to Innovation and Delivering Unmatched Alternative Dispute Resolution Services
Dubai, UAE: Dubai International Arbitration Centre (DIAC) announced today the launch of its Metaverse for dispute resolution, reforming how the world resolves disputes. The Metaverse provides a virtual reality space where parties can participate in dispute resolution proceedings from anywhere in the world, eliminating the need for physical transportation and further establishing the sustainability and eco-friendliness of arbitration.
DIAC's move to the Metaverse aligns with its objectives around sustainability, accessibility, and equity of dispute resolution. By leveraging the Metaverse technology, DIAC can now provide an even higher level of alternative dispute resolution services that are both effective and accessible. The Metaverse also provides an equal opportunity for all parties to participate in dispute resolution proceedings, minimising the impact of their resources or financial ability.
The DIAC Metaverse platform employs state-of-the-art technology to create immersive environments that facilitate seamless communication, document sharing, and real-time collaboration among participants. As the use cases for the Metaverse continue to develop, parties can expect further advancements in virtual dispute resolution, such as AI-driven analytics, enhanced security measures, and personalised avatars for better user experience.
According to Dr Tariq Humaid Al Tayer, The Chairman of DIAC's board of Directors,“The launch of DIAC's metaverse came after months of hard work and dedication from the team. This new offering comes in line with Dubai's aspiration to be a global metaverse hub. Further, it reinforces DIAC's position as the leading international arbitration centre, enhances our capabilities to offer innovative and novel methods for resolving disputes, and reflects our vision to be the ultimate global destination for dispute resolution.”
Dubai's vision towards the Metaverse aligns with Dubai's commitment to embracing technology and innovation as key drivers of growth and development. The DIAC Metaverse initiative reflects this progressive mindset, demonstrating the importance of staying at the forefront of emerging technologies to deliver world-class services and maintain a competitive edge in the global market.
Following the issuance of Decree No. (34) of 2021, DIAC has achieved significant milestones by introducing New Arbitration Rules in 2022 to optimise and modernise its arbitration procedures in line with international best practices, further consolidating Dubai's position as a dispute resolution hub. In addition, DIAC completed the formulation of its new strategy, which will be launched during the second quarter of 2023, along with improvements to its corporate governance, operations and the introduction of its fresh visual identity.
Dubai International Arbitration Centre (DIAC) is the largest international arbitration Centre in the region, providing commercial dispute resolution services to parties of all nationalities and jurisdictions outside of judicial courts. Established in 1994 as the Dubai Chamber of Commerce & Industry's Commercial Conciliation and Arbitration Centre, it evolved as the Dubai International Arbitration Centre (DIAC) in 2004 under Decree No. (10) of 2004. DIAC introduced its new Arbitration Rules in 2022 to optimise and improve the efficiency of arbitration procedures, further consolidating Dubai's position as an international dispute resolution hub through alternative methods. DIAC's mission is to provide unmatched alternative dispute resolution services by embracing excellence, integrity, and equity as its guiding principles. DIAC's Metaverse launch further enhances its capabilities and capacity in international alternative dispute resolution, reflecting the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum for the Centre.