Amendments to the laws governing the Dubai International Financial Centre (DIFC), a free zone in Dubai recently announced by Mohammed bin Rashid Al Maktoum, the Vice President of the United Arab Emirates and ruler of Dubai.
The amendments include the establishment of a disputes settlement authority and the new authority will be an independent corporate body that will carry out its duties without the intervention of any DIFC authorities. It will be headed by the chairman of the Centre’s Courts.
Disputes settlement authority will comprise three bodies: the DIFC Courts, an arbitration body, and “any other subsidiary committees or institutions established under the laws and regulations of the DIFC.”
The UAE’s Vision 2021 invites for the implementation of an effective and sophisticated disputes settlement regime as part of a strategy to make the country a top global business center.
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