Agreement will enhance access to world-class dispute resolution services for DMCC member companies

Collaboration to help fulfill the objectives of the Dubai Plan 2021 and the UAE Vision 2021

Dubai, UAE; 20 January 2016: DMCC, the Government and Free Zone authority on trade, enterprise and commodities in Dubai and DIFC's Dispute Resolution Authority ('DRA') have signed a Memorandum of Understanding ('memorandum'), to further enhance bilateral trade relations.

The terms of the memorandum state that the two entities will collaborate to provide DMCC member companies with access to the DRA services, including DIFC Courts, which are recognised as one of the world's leading commercial court systems.

The agreement also provides a launch pad for initiatives that will enable the DRA to support DMCC members and DMCC's exchanges and commodity trade platforms in respect of the enforcement of commodity and other commercial transactions.

The signing ceremony hosted by DMCC was attended by Ahmed Bin Sulayem, Executive Chairman, DMCC and Michael Hwang, SC, Head of the Dispute Resolution Authority and Chief Justice of the DIFC Courts.

Ahmed Bin Sulayem, Executive Chairman, DMCC, said:

"A first of its kind, this MoU takes Free Zone collaboration to the next level as it will give DMCC members access to DIFC's international court system as well as access to world-class trade and financial infrastructure from Dubai's leading Free Zones.

"At DMCC we actively seek strong strategic partnerships so our member companies can succeed, trade with confidence, and in turn further contribute to Dubai's commercial growth and the fulfilment of the Dubai Plan 2021."

Michael Hwang, SC, Head of the Dispute Resolution Authority and Chief Justice of the DIFC Courts, said:
"The Dispute Resolution Authority in the DIFC is another example of Dubai's foresight in protecting businesses and residents through legal excellence, and we look forward to working with the DMCC to promote our full range of dispute resolution services to its member companies.

"Alongside sharing knowledge and expertise, this memorandum also looks at the Dispute Resolution Authority role in supporting the enforcement of commodity transactions, which are a key component of the DMCC's operations."

The terms of the memorandum, which strengthens ties between two of Dubai's leading free zones, cover a range of areas of mutual benefit to DMCC and the DIFC's Dispute Resolution Authority, including access to professional services, trade and financial infrastructure; and collaboration on events and knowledge sharing initiatives.

The DIFC's DRA was established in 2014 as a platform for delivering legal excellence in the Middle East and as the gateway to a suite of services available to businesses operating in Dubai. Its divisions, which include the DIFC Courts, the DIFC Wills and Probate Registry and the Academy of Law, work in partnership to provide businesses with unparalleled choice about how to resolve their commercial disputes, to develop legal talent and to protect individuals investing or living in Dubai.

-Ends-

Media Enquiries:
DMCC
PR & Corporate Communications
pr@dmcc.ae

About DMCC
DMCC is the authority on trade, enterprise and commodities in Dubai--home to the world's leading businesses of today, and tomorrow.

The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is a Dubai Government Authority committed to developing these ideal conditions and has a strong track record in commodity trade facilitation where we encourage and support business through the platforms we provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our real estate offering.

DMCC is developing the 'Burj2020 District' as part of our DMCC Free Zone expansion strategy to provide leading businesses with a commercial property offering unique to the Dubai marketplace.

Indispensable to the economic growth of the nation, we - together with our members - deliver strong performance today, and sustainable growth tomorrow. DMCC. Made for Trade. www.dmcc.ae

About the Dispute Resolution Authority (DRA):
The Dispute Resolution Authority administers justice and legal excellence within the Dubai International Finance Centre (DIFC). Established in 2014, it is the third body of the DIFC, alongside the DIFC Authority and the Dubai Financial Services Authority.

The DRA currently incorporates the DIFC Courts, Dubai's established English-language, commercial common law judicial system; DIFC Wills and Probate Registry, the first Common Law, English language wills and probate service for non-Muslims in the Middle East; and the Academy of Law, an independent entity that provides quality education and support to the UAE legal community. For more information visit www.dra.ae 

© Press Release 2016