Cyprus has recently announced the launch of the Cyprus International Arbitration Centre (CIAC), a new arbitration centre that will administer domestic and international arbitrations under either its Domestic Arbitration Rules or the UNCITRAL Arbitration Rules. The CIAC is a not-for-profit company that was established by a group of leading businesses and professionals in Cyprus. The management committee is headed by retired Judge Sotos Demetriou, who is also a member of the Permanent Court of Arbitration (PCA).

It is hoped that the CIAC will attract cases that are usually heard by the PCA, the European Court of Arbitration or the London Court of International Arbitration. Further, the relatively quick and cheap domestic arbitration process should be attractive to parties, given the current waiting list for court cases in Cyprus.