- Memorandum of Understanding to promote use of the DIFC Courts’ portfolio of public services
- Cooperation agreement outlines high-level framework to collaborate and exchange information in areas of mutual interest
Dubai, United Arab Emirates; 14 July 2021: The Dubai International Financial Centre (DIFC) Courts and the Dubai World Trade Centre Authority (DWTCA) have signed a cooperation agreement that will enable greater familiarity of the DIFC Courts’ portfolio of public services to businesses operating within the Trade Centre freezone. The agreement will also facilitate increased focus on exchanging knowledge, studies, and research, as well as jointly shared projects, reflecting increased commitment to provide the international business community with certainty, flexibility, and the efficiency expected of a world-class commercial hub.
The UAE’s commitment to providing a highly competitive business environment is crucial to its long-term vision of economic diversification. The ability of the UAE’s judicial systems to support and protect the businesses that operate here will prove crucial to the nations’ long-term objective to attract and retain foreign investment.
His Excellency Justice Omar Al Mheiri, Deputy Chief Justice, DIFC Courts, said: “This cooperation agreement demonstrates unity of mission by two Dubai entities, working in tandem to support the growing needs of the business community. Since inception, the DIFC Courts has pursued a policy of proactive connectivity to seek out new relationships and bring fresh awareness regarding our unique value proposition. We have recognised the need for our dispute resolution services to meet the demands that are challenging traditional disciplinary and geographical boundaries. When it comes to resolving disputes, businesses like to have a choice, whether it is litigation or arbitration, common or civil law, English language, or Arabic. This choice is not a nice-to-have, but rather a need-to-have if countries want to compete globally for investment.”
Part of the UAE’s judicial portfolio, the DIFC Courts is Dubai’s English language, commercial common law judicial system, with the specific objective to enable the international community to have greater confidence in the Emirate’s legal framework, and further strengthen the trade relations with Dubai. As commerce becomes ever more global and countries ever more connected, it is imperative that judicial systems keep pace and remain able to support and protect businesses.
Abdalla AlBanna, Vice President, Free Zone Operations, Dubai World Trade Centre Authority (DWTCA), said: “We are pleased to sign this agreement with DIFC Courts, which will help us to explore new areas of cooperation and mutual interest, reinforcing our commitment to best practices within the Dubai World Trade Centre Authority Free Zone. The DWTCA Free Zone is a business-centric ecosystem that gives individuals and organisations a path to sustainable success, as well as providing access to new sectors that collectively contribute to Dubai’s knowledge-based economy.”
For over a decade the DIFC Courts has a track record of resolving all commercial disputes, ranging from sophisticated, international financial transactions to less complex domestic contractual and employment disputes. Big business can – and increasingly does – bring its disputes to Dubai.
Through a series of memoranda with leading international jurisdictions the DIFC Courts has now established one of the world’s strongest enforcement regimes. Money judgments can be enforced internationally through treaties such as the GCC Convention and Riyadh Convention, conventions with China, India and France, and reciprocal arrangements with leading common law jurisdictions, such as the UK, the US, Australia, Singapore, and Hong Kong.