Settling things properly: Dubai sets up 'dispute settlement authority' for businesses
In his capacity as the Ruler of Dubai, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued Law No. 7 for year 2014, amending some provisions of Law No. 9 for 2004 on Dubai International Financial Centre (DIFC).
The law stipulates the setting up of “the dispute settlement authority” that consists of three bodies: DIFC Courts, arbitration institution and any other sub-committees or institutions created under the laws and regulations of the DIFC. The authority enjoys autonomous legal status, and exercises its functions and powers without any interference from other bodies of DIFC. Its internal regulations will be endorsed by the president of the DIFC.
The move comes in line with the UAE vision that calls for effective and advanced settlement system of disputes so as to make the country a first destination to attract businesspersons and capitals.
- Calculating the true cost of regional strife
- Just BS? Why Israel's anti-BDS law can't really stop BDS internationally
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- DED and Dubai Courts to set up new headquarters for amicable disputes settlement in Business Village
- Middle East needs specialist courts to settle shipping disputes
- Small businesses, large demands: Bahrain's SME's demand 24/7 dispute resolution courts
- Israel faces own set of settlers: the ultra-Jewish solution to the demise of Arab Lod