Mohammed bin Rashid amends DIFC law

Dubai (WAM): In his capacity as Ruler of Dubai, Vice President and Prime Minister, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has issued law No. (7) of 2014, amending some provisions of law No. (9) of 2004, on the Dubai International Financial Centre (DIFC) . The law includes the establishment of "disputes settlement authority", which consists of three bodies: DIFC courts, " arbitration body, and" any other subsidiary committees or institutions established under the laws and regulations of the DIFC." Disputes settlement authority enjoys independent legal personality, and exercises its functions and powers without any interference from other DIFC's bodies , and in accordance with the DIFC laws and regulations, the new authority shall be headed by the President of DIFC's Courts. The new law also included detailed provisions on "arbitration body", which was granted legal personality and an independent budget, provided that this body exercises its specialisations in accordance with DIFC laws and bylaws which are endorsed by decision of governor of the centre. The arbitration body will have a Board of Trustees that consists of independent members who are appointed by the President of the disputes settlement authority among whom the Chief Executive of the body is one. Law No. (7) of 2014 comes in line with the " UAE Vision 2021 ", which calls for the provision of an effective and sophisticated disputes settlement so that the UAE becomes the first destination globally to attract business and finance, and in compliance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to keep abreast of developments and to anticipate them through the ongoing development of the legislative environment in the state and the constant quest for excellence in all services delivered, taking into account the best international standards . The law also specifies the commitment of the Government of Dubai to provide the most appropriate options for investors not only in terms of the use of the English language in litigation, but also in terms of possibility to choose between litigation and arbitration, in addition to providing speedy and independent justice to settle disputes, be they domestic, international commercial and civil, ensuring achievement of justice not only in the Emirate of Dubai and UAE, but also in the region at large. – Emirates News Agency, WAM