ADGM Courts Now Open To Ras Al Khaimah Entities
by Lorys Charalambous, Lowtax.net, Cyprus
20 November, 2017
Abu Dhabi Global Market (ADGM), the low-tax international financial center in the United Arab Emirates (UAE), has opened its court system to entities registered in the emirate of Ras Al Khaimah.
In an agreement signed by ADGM, ADGM Courts, and RAK International Corporate Centre (RAK ICC, the corporate registry in Ras Al Khaimah), it has been agreed Ras Al Khaimah-registered entities, including international business companies, will have access to ADGM's common law court system. This new access is intended to bolster effective and best-in-class dispute resolution services within the UAE.
The three authorities also agreed to exchange information and ideas of relevance to business and investors, and to explore mutually beneficial initiatives and activities.
Ahmed bin Saqr Al Qasimi, Chairman of RAK ICC, commented: "We want to provide RAK ICC clients with an alternative dispute resolution and arbitration system to help them resolve issues they may face I am pleased to say that our partnership with ADGM and the ADGM Courts connect RAK ICC clients to best-in-class dispute resolution services. We are confident that with ADGM's high-standard regulations our clients will be granted fairness and efficiency in times of dispute. As always, RAK ICC will remain committed to building relationships with other entities to provide our clients with premier services."
Ahmed Al Sayegh, Chairman of ADGM, said: "We are pleased to further our long-term relationship with RAK ICC through this partnership. This also dovetails well with our commitment to providing internationally aligned arbitration and dispute resolution services that support UAE-based companies and commercial entities. It is also important to stress that ADGM Courts' regulations and ADGM's arbitration regulations provide a regime for the enforcement of ADGM Courts' judgments and ADGM arbitral awards respectively within and outside the jurisdiction of ADGM. We look forward to working closely with RAK ICC to provide their registered entities direct access to our suite of dispute resolution services."
Ras Al Khaimah is one of the seven emirates making up the UAE and is home to the Ras Al Khaimah Free Trade Zone, established in 2000, which imposes no taxes, allows for 100 percent foreign ownership, fast-track UAE visa issuance, and access to specialized free zone parks.
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