Dubai: The ongoing development of the UAE’s capital markets received a boost on Sunday with the signing of an agreement giving companies listed on Dubai’s main bourse greater access to a broad range of commercial dispute resolution services.
The memorandum between the Dubai Financial Market (DFM) and DIFC Dispute Resolution Authority (DRA) creates a strategic partnership that will benefit the 60 DFM-listed companies, as well as the large number of issuers of sukuk, bonds and funds, currently listed on the exchange.
The DRA administers justice and legal excellence within the Dubai International Finance Centre and is the gateway to a suite of services available to businesses.
Its divisions, which include the DIFC Courts, DIFC-LCIA Arbitration Centre, DIFC Wills and Probate Registry, and Academy of Law, work in partnership with other departments in the Emirate to provide businesses with unparalleled choice about how to resolve their commercial disputes, while developing UAE legal talent and protecting individuals investing or living in Dubai.
The two organisations will collaborate closely to enable DFM and its member companies to fully utilise the DRA’s suite of services. They will also develop an international outreach programme to jointly promote DFM and DRA services to international investors and companies.
The agreement was signed by His Excellency Essa Kazim, Chairman of DFM, and Michael Hwang, Head of the Dispute Resolution Authority and Chief Justice of the DIFC Courts, during a ceremony at the Dubai bourse.
