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| DIFC Courts Expands Jurisdiction |
by Lorys Charalambous, Tax-News.com, Cyprus
Wednesday, November 02, 2011
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, signed a law on October 31 allowing any businesses to use the English language DIFC Courts, the Dubai International Financial Centre’s (DIFC) independent, common law judicial system, to resolve commercial disputes.
This move is designed to consolidate the position of the DIFC as a leading financial and business hub for companies
from the Gulf Cooperation Council region and the developed markets of Europe,
Asia and the Americas, by simplifying the court processes for resolving commercial
disputes, available to companies who are licensed to operate, transact or conclude
contracts within the DIFC.
Dr. Ahmed bin Hazeem, Director General of Dubai Courts said: “This is
a very positive development for justice, and a reflection of Dubai’s commitment
to supporting investors and businesses both domestically and from around the
world. We believe it provides the business community, which Dubai has so successfully developed, with even greater choice as they seek swift and effective resolution to commercial disputes.” Michael Hwang, Chief Justice of the DIFC Courts added: "The expansion of the DIFC Courts’ jurisdiction makes us even more accessible to the communities in which we operate and whom we serve. The importance of this change is that our Courts are now available to all who wish to choose us as their preferred forum for resolution of their disputes, and now widens the choice of forum for businesses in Dubai and elsewhere. With our world class judicial system and judiciary, we are ready for this next challenge to demonstrate our capabilities on a much wider stage.”
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