DIFC To Improve Dispute Settlement Offering
by Lorys Charalambous, Lowtax.net, Cyprus
05 June, 2014
Mohammed bin Rashid Al Maktoum, the vice president of the United Arab Emirates (UAE) and ruler of Dubai, recently announced amendments to the laws governing the Dubai International Financial Centre (DIFC), a free zone in Dubai.
The amendments, set out in Law No 7 of 2014, include the establishment of a disputes settlement authority that will comprise three bodies: the DIFC Courts, an arbitration body, and "any other subsidiary committees or institutions established under the laws and regulations of the DIFC."
The new disputes settlement authority will be headed by the president of the DIFC Courts, and the arbitration body will have a Board of Trustees comprising independent members appointed by the president of the disputes settlement authority.
The UAE's Vision 2021 calls for the implementation of an effective and sophisticated disputes settlement regime as part of a strategy to make the country a top global business center.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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