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Business Confidence in DIFC Courts Reflected in 2016 Case Value Growth

2016 was one more record year for the DIFC Judiciaries as Dubai's established English-language business courts handled cases amounting to AED5.85 billion (USD1.59 billion), up 5 percent year-on-year.

The primary Court of First Instance (CFI) managed about the exact same number of cases as in 2015 yet saw the average worth of each rise by 17 percent to AED104.58 million (USD28.46 million), as global business remained to place its trust in the DIFC Courts. The complete worth of situations heard by the CFI in 2016 was AED2.71 billion (USD739.9 million), up 22 percent year-on-year.

One of the aspects driving this growth has actually been the legal field preferring to opt-in to the DIFC Courts' territory. A new DIFC DRA Academy of Regulation survey of 122 business lawful professionals included with cross-border purchases in the Middle East in 2016 discovered that half(57 per cent) of respondents report using the DIFC Courts opt-in provision, also if their clients are located beyond the financial cost-free zone. The very same survey discovered that enforceability, fairness and speed are the three primary reasons for picking a specific dispute resolution method, and these are all areas where the DIFC Judiciaries succeed.

DIFC Courts Chief Justice Michael Hwang said: "In a challenging year for the world economy, the DIFC Courts' tested dispute resolution competence was again highly valued by the business community. Along with offering the requirements of court customers, we made further progress in our enthusiastic five-year critical plan to be among the world's leading commercial courts by 2021, consisting of noteworthy achievements in judicial excellence and innovation, client service enhancements, and collaboration with our local and international peers. We expect proceeding this operate in 2017 and to helping to make the UAE one of the best places worldwide to do business."

The DIFC Judiciaries' Tiny Insurance claims Tribunal (SCT), which was the region's initial disagreement resolution service of its kind the when it was established in 2007, continues to expand in appeal, handling insurance claims amounting to AED20.16 million (USD5.49 million) in 2016, up 5 percent year-on-year, with the typical case being AED92,902 (USD25,280), up 4 per cent year-on-year. In 2014 saw a substantial advance in its ability to serve the individuals with the launch of the region's first "smart" SCT, which enables individuals or smaller companies to take part in hearings from throughout the world.

Mark Beer, OBE, Chief Executive and Registrar of the DIFC Courts, added: "In 2016, the DIFC Courts continued to be the preferred disagreement resolution forum for organisations of all sizes from both the UAE and overseas. Key destinations were our extremely strong enforcement regime, judicial bench and reliable, customer-centric procedures, which were all boosted over the last One Year. The capacity of the DIFC Courts to support business and financial growth has actually not gone undetected, and we were specifically pleased to partner with judicial systems, federal governments and free trade zones in the house and abroad as our regional and global connection expands."

The DIFC Judiciaries' work to get in touch with other leading jurisdictions both in your home and abroad saw numerous significant contracts signed in 2016. They came to be the initial foreign business court to authorize a teamwork contract with the Shanghai High Individuals's Court, the leading business court in the commercial and financial centre of landmass China. This spots action was followed by contracts with government departments within the emirate of Ras Al Khaimah and other open market areas in Dubai to enable organisations to quicker access the DIFC Judiciaries' dispute resolution solutions.

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