DIFC Courts signs alignment accord with New York court
DIFC Courts has signed an agreement with the influential federal District Court for the Southern District of New York (SDNY), paving the way for easier enforcement of US commercial judgments in the Dubai free zone.
The agreement will provide companies operating in Dubai and New York additional contract certainty by setting out procedures for the mutual enforcement of money judgments.
“Much of the trade between the US and UAE originates from, or is routed via, New York and Dubai, so there is an imperative for the courts systems of both jurisdictions to work together to support the needs of business,” said Dubai International Financial Centre Courts’ chief justice, Michael Hwang.
“This memorandum with one of the world’s premier commercial courts builds on our existing comprehensive enforcement regime, and brings additional certainty to investors during a time of rising economic confidence in both the UAE and United States.” SDNY is one of oldest and most influential courts in the world, with jurisdiction over both Wall Street and the wider New York finance community.
“Because commerce is now so international, it is more necessary than ever for judgments rendered in one court to be easily recognised in other countries,” said the chief judge at SDNY, Loretta Preska.
The agreement with SDNY follows similar arrangements that DIFC Courts holds with international bodies including the Commercial Court of England and Wales, the Supreme Court of Singapore, the Federal Court of Australia and the New South Wales Supreme Court.
Updated: March 26, 2015 04:00 AM