Background As we previously reported, in September 2021, the joint venture between the Dubai International Financial Centre and the London Court of International Arbitration (DIFC-LCIA), and the Emirates Maritime Arbitration Centre were abolished, and all respective assets, liabilities, rights, and obligations of these institutions were transferred to the newly established Dubai International Arbitration Center (DIAC) by way of Decree No. 34 of 2021 (“Decree”) (view our previous alert here). As such the DIFC-LCIA Arbitration Center and…
In brief The USD LIBOR interest rate benchmark, used globally in a range of financial instruments, will cease to be available from 30 June 2023. Recommendations USD LIBOR transition involves working through new loan pricing structures, updating operating and IT systems, considering tax and accounting implications, staff training, and customer education and outreach. Any new loan documentation due to mature after the end of June 2023 should provide for the use of an alternative rate…