ADGM Signs MoU With Abu Dhabi Global Market Courts
by Lorys Charalambous, Lowtax.net, Cyprus
21 April, 2016
The Abu Dhabi Global Market (ADGM), a free trade zone in the United Arab Emirates, announced on April 19, 2016, that the ADGM Courts signed a memorandum of understanding (MoU) with the Abu Dhabi Judicial Department to establish a framework for cooperation.
The MoU covers cooperation in the recognition and enforcement of judgments, decisions, orders, and arbitration awards, as well as the exchange of information, electronic services, education, and communication.
Chief Justice of ADGM Courts, David Hope, commented: "The relationship which we seek to establish will be founded on mutual trust and on a profound respect for our legal traditions. Working together in this way will fulfill the vision which we both share, of achieving the highest level of judicial performance in our own courts consistent with best international practice. I look forward very much to working together with the Abu Dhabi Judicial Department to fulfill these objectives."
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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