Dubai has taken further steps to position itself as a leading international arbitration centre in the region. In February 2008, the Dubai International Finance Centre (DIFC) released a draft Arbitration Law, with consultations to follow. The proposed Arbitration Law is principally based on the UNCITRAL Model Law on International Commercial Arbitration. In a joint venture with the London Court of International Arbitration (LCIA), DIFC has launched a new centre for the administration of international arbitration and mediation, the DIFC–LCIA Arbitration Centre to promote Dubai as an international arbitration jurisdiction. The arbitration and mediation rules of the centre will largely be adapted from the existing LCIA Rules.