DIFC Announces Enactment of Electronic Transactions Law 2017Press Release28 May 2017 08:00 am
Dubai, UAE – 28 May 2017: Dubai International Financial Centre Authority (DIFC Authority) has announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has enacted new Electronic Transactions Law, DIFC Law No. 2 of 2017 (“Electronic Transactions Law”).
The enactment of the Electronic Transactions Law clarifies, for all purposes in the DIFC, that electronic signatures are enforceable, that electronic records have equivalent effect to hard copies and that references to “writing” include electronic means.
DIFC Authority’s intention in creating the law is to provide legislation that:
a. establishes beyond doubt as a matter of DIFC statutory law that an agreement made electronically is as valid as a contract signed with wet ink signatures; and
b. empowers Centre Bodies to prescribe the terms on which they are prepared to accept electronic submissions in place of hard copies and to treat them as having been signed by the person submitting.