Abu Dhabi, UAE: Abu Dhabi Global Market ("ADGM"), the international financial centre in Abu Dhabi, today announced that its Board of Directors has approved the fees of ADGM Courts, following completion of public consultation on 9 May 2016.
As foreshadowed in December 2015, the Chief Justice, Lord David Hope of Craighead, has also enacted the ADGM Court Procedure Rules and Conduct Rules and issued supporting Practice Directions. The ADGM Court Procedure Rules and Practice Directions detail the Courts' practices and procedures, including providing streamlined and simplified procedures for parties involved in claims before the Small Claims Division. The Conduct Rules provide members of the legal profession who will appear before ADGM Courts with clear guidance on their duties and obligations to ADGM Courts. Compliance with the Conduct Rules is mandatory in order to ensure fairness between the parties and is essential for the interests of justice to be served.
The enactment of ADGM Courts' fees and the additional sets of Rules and the Practice Directions marks the completion of ADGM Courts' foundational regulations and rules.
With the implementation of the framework for the operations of ADGM Courts, the global business community will be assured that ADGM has met its commitment of providing clear, transparent and robust regulations and rules according to the standard of courts of a leading international financial centre.
The ADGM Courts Fees, Rules, Practice Directions and a selection of essential Forms are now available on the ADGM website.
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About Abu Dhabi Global Market
Abu Dhabi Global Market ("ADGM"), an international financial centre in the capital city of the United Arab Emirates, was established by Federal Decree in 2013 and opened for business on 21st October 2015.
In line with the Abu Dhabi's Economic Vision, ADGM is a natural extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in the heart of one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects with the growing economies of the Middle East, Africa and South Asia.
ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on Common Law.
Established as a broad based financial centre, ADGM's foundation is anchored on three of Abu Dhabi's current strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, grade-A offices spaces to meet Abu Dhabi's long-term development and economic needs. All these complement ADGM's international financial centre position as a vibrant destination in the capital city in Abu Dhabi.
www.adgm.com
For more information, please contact:
Rashid AlShaali Tel +971 2 3338 888 rashid.shaali@adgm.com
Joan Lew Kwan Tel +971 2 3338 888 Joan.Lew@adgm.com
© Press Release 2016
