DIFC Discusses the Commercial Dispute Resolution Options Available at Its Knowledge Series EventPress Release 07 May 2012 11:19 am
Experts advise DIFC audience how to ensure their contracts are enforced
In its second Knowledge Series event for 2012, the Dubai International Financial Centre (DIFC) discussed the different specialist world-class resolution platforms available in Dubai for commercial disputes.
As one of the world’s leading business hubs, Dubai offers a range of commercial dispute options through its Arabic-language, civil law Courts; the English-language, common law system at the DIFC Courts, and the DIFC - LCIA Arbitration Centre.
The new global economic environment necessitates the collaboration between companies across borders to be able to compete. The legal contracts and agreements required for such collaborations are often lengthy and complex. Given its construct, DIFC has its own set of civil and commercial laws and regulations and has developed a complete code of law governing financial services regulation.
In October 2011, Dubai allowed regional and foreign firms to file disputes with the DIFC Courts. The expanded jurisdiction for the DIFC Courts gives greater choice to firms as they seek swift and effective resolution to commercial disputes. It also allows companies based anywhere in the world and looking at cross-border transactions to choose arbitration in an independent city like Dubai.
This Knowledge Series session, which was moderated by Mark Beer, Registrar DIFC Courts, introduced each of the DIFC's commercial dispute resolution options and discussed why and how firms might access each.
Mr Beer said: "Business and investors with interests in Dubai have access to a range of world-class dispute resolution options. Operating from the DIFC alone are two highly-regarded forums and the business community can be empowered by understanding what each offers and how each works.
"We know that in the case of the DIFC Courts, people know who we are - they are aware of our track record for speedy, effective dispute settlement - but they are less sure on how they can use us."
The panel discussion included Wayne Jones, Partner, Clyde & Co; Fiona Campbell, Senior Arbitration & Dispute Resolution Practitioner, Al Tamimi & Company; H.E. Justice Ali Al Madhani, DIFC Courts; and Nizar Fadhlaoui, Registrar, DIFC-LCIA Arbitration Centre.
In their discussions, the panellists stressed the importance of having dispute settlement options that are sophisticated and nimble as the business they serve and highlighted the terms needed to be included in the contracts to guarantee that disputes can be heard in these judicial forums.
The Knowledge Series is an initiative by the DIFC intended to create dialogue between industry experts and DIFC members comparing about interesting topics in the world of finance. Ten sessions have been held to date covering topics including captives, family offices, Islamic finance, funds regime, bonds and sukuk, private equity, capital markets and SPCs. Knowledge Series sessions are held regularly by DIFC to raise awareness about its infrastructure and opportunities and how DIFC clients can take maximum advantage from their presence in the centre and support DIFC’s continuing evolution as a global financial hub.