Dubai: The Dubai International Financial Centre (DIFC) Courts has signed a cooperation agreement with The Dubai Investment Development Agency (Dubai FDI) to support the emirate's economic ambitions.
It builds on cooperation first initiated in 2015, with the terms of the memorandum stating the two will continue to further collaborate on exchange of information and the hosting of joint conferences and exhibitions.
Dubai attracted Dh12 billion in foreign direct investment (FDI) through 190 projects during the first-half of 2020 despite the pandemic disruption. In terms of investment sources, nearly 25 per cent of FDI capital flows came from the US, followed by France (18 per cent), Belgium (9 per cent), and the UK and China (8 per cent each).
In a statement, Omar Al Muhairi, Deputy Chief Justice, DIFC Courts, said: “When it comes to resolving disputes, businesses like to have a choice, whether it is litigation or arbitration, common or civil law, English language, or Arabic. While every country in the world has some kind of system for resolving commercial disputes, those ranked highest by the World Bank have recognised that investing in efficient and well-respected business courts, is essential.
"This is not a nice-to-have, but rather a need-to-have if they want to compete globally for investment.”