DIFC Courts and Dubai Chambers forge alliance to boost business confidence

The Dubai International Financial Center (DIFC) Courts today signed an agreement with Dubai Chambers to forge a closer coalition in support of Dubai and the UAE’s economic ambitions.

The agreement will promote collaboration between specific mediation and digital economy services provided by both organizations, as well as coordinated and aligned activities with international scope.

The DIFC Courts are currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the Courts’ projects and initiatives in line with the ‘D33’ economic agenda and Dubai’s Digital Strategy. This, in turn, provides effective support to both federal and local strategic objectives of Dubai.

Judge Omar Al Mheiri, Director, DIFC Courts, saying,

“DIFC Courts continues to strengthen its partner ecosystem with public and private sector entities and this agreement with Dubai Chambers helps further elevate aligned strategies and shared purpose towards key objectives under the UAE Vision 2031. While the DIFC Courts have developed new directives to absorb the maturing needs of the regional legal community, the original and purest founding mandate still remains; promote the geographical position of Dubai and the United Arab Emirates in the Gulf as an important strategic advantage for international investors: a gateway linking those working in South and East Asia, the Middle East, Europe, Africa and the western hemisphere.

The increasingly international nature of the DIFC Courts caseload is a clear sign that international companies with interests in the Middle East region consider the DIFC Courts to be their first choice for dispute resolution, fulfilling the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubaito establish the city as a global business center.

Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chamberssaying,

“We are pleased to strengthen our cooperation with the DIFC Courts through today’s agreement, which represents a significant step to further improve Dubai’s favorable business environment. By working closely with key partners in the public and private sectors, we aim to ensure that the emirate remains a magnet for global businesses and investors. “We remain committed to delivering on the ambitions of the wise leadership’s D33 economic agenda and consolidating Dubai’s position as a leading global hub for business, trade and investment.”

Dubai Chambers It is one of the largest arms of economic development in the UAE and serves as an engine of business growth in the emirate. As the umbrella organization of the Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy, Dubai Chambers defends the interests of the local business community, builds and strengthens international partnerships and accelerates the growth of the digital economy.

The reputation of the DIFC Courts as a safe harbor and gateway to business continues to mature; The provision of an environment that businesses, both nationally and internationally, can rely on, one in which contracts can be enforced and disputes resolved fairly and quickly, one of certainty and predictability, are all vital to achieving the core aspects of the mission of Dubai and the United Arab Emirates.

The United Arab Emirates has launched a major campaign to attract digitally enabled businesses and highly skilled talent to the country. Foreign direct investment (FDI) flows into the UAE also rose 10 percent in 2022 from a year earlier to a record $23 billion, according to a 2023 UN report. According to UNCTAD, the United Arab Emirates They attracted approximately 60% of total FDI to the GCC bloc, which more than doubled to $37 billion.

In 2021, the DIFC Courts confirmed the launch of a new Division. The International Digital Economy Court aims to simplify the process of resolving complex civil and commercial disputes related to the digital economy, reviewing domestic and international claims related to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence and services. on the cloud. .

Established in 2004, the DIFC Courts are Dubai’s international English common law court system and form a key part of the legal system of the United Arab Emirates (UAE). It was established with the specific objective of enabling the international community in the UAE to have greater confidence in the emirate’s legal framework and to further strengthen trade and investment relations with Dubai and the UAE.

In 2011, the jurisdiction of the DIFC Courts was extended beyond the financial center for international business, thereby allowing any two parties from any global location to use the DIFC Courts by “opting in” to this neutral global jurisdiction.

News source: Emirates News Agency