State-owned Dubai Multi Commodities Centre and Dubai International Financial Centre’s (DIFC) Dispute Resolution Authority (DRA) have signed a memorandum of understanding ‘to further enhance bilateral trade relations'.
The terms of the memorandum state that the two entities will collaborate to provide DMCC member companies with access to the DRA services, including DIFC Courts, which are recognised as one of the world’s leading commercial court systems.
The agreement also provides a launch pad for initiatives that will enable the DRA to support DMCC members and exchanges and commodity trade platforms in respect of the enforcement of commodity and other commercial transactions.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said: “A first of its kind, this MoU takes Free Zone collaboration to the next level as it will give DMCC members access to DIFC’s international court system as well as access to world-class trade and financial infrastructure from Dubai’s top free zones.
“At DMCC we actively seek strong strategic partnerships so our member companies can succeed, trade with confidence, and in turn further contribute to Dubai’s commercial growth and the fulfilment of the Dubai Plan 2021.”
Michael Hwang, SC, Head of the Dispute Resolution Authority and Chief Justice of the DIFC Courts, said: “The Dispute Resolution Authority in the DIFC is another example of Dubai’s foresight in protecting businesses and residents through legal excellence, and we look forward to working with the DMCC to promote our full range of dispute resolution services to its member companies.
“Alongside sharing knowledge and expertise, this memorandum also looks at the Dispute Resolution Authority role in supporting the enforcement of commodity transactions, which are a key component of the DMCC’s operations.”
The terms of the memorandum, which strengthens ties between two of Dubai’s leading free zones, cover a range of areas of mutual benefit to DMCC and the DIFC’s Dispute Resolution Authority, including access to professional services, trade and financial infrastructure; and collaboration on events and knowledge sharing initiatives.
The DIFC's DRA was established in 2014 as a platform for delivering legal excellence in the Middle East and as the gateway to a suite of services available to businesses operating in Dubai.
Its divisions, which include the DIFC Courts, the DIFC Wills and Probate Registry and the Academy of Law, work in partnership to provide businesses with unparalleled choice about how to resolve their commercial disputes, to develop legal talent and to protect individuals investing or living in Dubai.