DIFC Courts cases valued at Dh7.5 billion in six months
The total value of the cases increased by 118 per cent in the first six months of the year, up from Dh3.44bn in the same period last year.
Dubai International Financial Centre Courts witnessed a 57 per cent increase in cases heard by its Court of First Instance in the first half of this year, while overall cases dealt with were valued at Dh7.5 billion.
The total value of the cases increased by 118 per cent, from Dh3.44bn in first six months of last year to Dh7.5bn in the same period this year.
The English-language court helps global businesses resolve their largest and most complex disputes and also helps settle the smaller claims of corporations, SMEs and individuals.
A report from law firm Clyde & Co also said that, in the past two years, when litigation was the preferred option for its regional clients, DIFC Courts were chosen in 76 per cent of contracts dealing with mergers and acquisitions.
Last year DIFC Courts launched the Smart SCT, which enables parties to resolve disputes from any location by participating via smartphone, with a judge sitting in a purpose-built facility in Dubai.
Mark Beer, co-chief executive and registrar general of DIFC Courts, said: “Our performance so far this year speaks to the maturity of the DIFC Courts, our position as a valued public service and our status as global leader in the field of commercial justice.”
Ziad Galadari, chairman of Galadari Advocates & Legal Consultants, praised DIFC Courts ongoing development.
“DIFC Courts continue to position itself as the preferred location for corporate litigations due to its international connectivity, enforceability of its rulings and the implementation of technology,” he said. “By signing cooperation agreements with legal bodies across financial centres worldwide such as the Shanghai High People’s Court in China and the Federal Court of Malaysia, DIFC Courts works continuously to extend their international enforcement framework.”
Updated: August 16, 2017 04:21 PM