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.
