DIFC Courts has signed a cooperation agreement with Dubai Investment Development Agency (Dubai FDI) to support the emirate's economic ambitions.
Dubai , Dubai
16 September 2020, 12:00 AM
30 September 2020, 12:00 AM
Dubai International Financial Centre (DIFC) Courts signed an agreement with Dubai FDI on info sharing and event hosting. This partnership is set to boost investor confidence.
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).
This agreement builds on cooperation first initiated in 2015 and terms of the memorandum in the agreement states that the two will continue to further collaborate on exchange of information and the hosting of joint conferences and exhibitions.
Omar Al Muhairi, Deputy Chief Justice, DIFC Courts said In a statement: “ 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.”