Ras Al Khaimah, UAE; 12 December 2016: The attraction of Ras Al Khaimah as one of the UAE's top financial investment destinations has been improved by new lawful steps designed to advertise financial development, secure foreign financial investment, and secure properties of investors and residents.

The legal package, signed today at the Al Dhait Palace and witnessed by His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, allows for judgments released by Dubai's English-language DIFC Courts to be straight enforced by Ras Al Khaimah's courts, provided that written contracts explicitly opt-in to the DIFC jurisdiction.

The new arrangements pave the way for Ras Al Khaimah government bodies, along with business, capitalists and individuals, to choose the DIFC Judiciaries and the DIFC-LCIA Settlement Centre to deal with disputes.

In addition, the DIFC Academy of Law will certainly provide customised, world-class legal training for Ras Al Khaimah students and young professionals, according to His Highness the Ruler of Ras Al Khaimah's vision for investing his people.

His Highness Sheikh Saud bin Saqr Al Qasimi said: "For those that invest, work and live in Ras Al Khaimah, the extra selection of this tested English-language legal system offers much more leads for future development. For investors, we speak the language of worldwide business, and for services we provide greater assurance and confidence in a legal system recognisable all over the world. Specific residents can have also better trust fund that their residential or commercial property and assets will certainly be protected here. Taken together, today's modifications are an additional excellent example of our vision of the Emirates working together to earn the UAE a world-class place to do business."

The collaboration between the Arabic civil legislation and English usual law legal systems comes as Ras Al Khaimah looks for to further rise the hundreds of foreign-owned business currently running there. The adjustments will match Ras Al Khaimah's existing Arabic-language court system.

The DIFC Judiciaries, established almost a decade back as part of the DIFC, have actually verified extremely successful in making investor trust with using the protection of an acquainted global legal system.

Dr. Michael Hwang, SC, Head of the Dispute Resolution Authority (DRA) and Chief Justice of the DIFC Courts, said: "Giving businesses and people option about the best ways to resolve their conflicts is an extremely reliable device to own foreign direct investment and business in Dubai. Ras Al Khaimah's economic situation has actually thrived recently. Now, with our participation, the emirate has the ability to use a complete suite of disagreement resolution solutions. Today's statement excels news for all financiers, services and homeowner in Ras Al Khaimah, with celebrations free to pick the lawful system to finest fit their requirements."

Today's arrangements underline Ras Al Khaimah Government's dedication to give option to assist companies and people address business troubles. With collaborating, Ras Al Khaimah and Dubai have reached a significant milestone on the road to the UAE's 2021 Vision of effective and swift commercial justice.

The economic situation of Ras Al Khaimah is currently widely diversified. A tourist hub, the emirate is the home of some of the nation's biggest producers consisting of RAK Ceramics, Julphar - Gulf Pharmaceutical Industries, Ashok Leyland and Gulf Cement Company. Greater than 500 makers and hundreds of SMEs lie in Ras Al Khaimah Investment Authority's 2 industrial parks, while Ras Al Khaimah Open market Zone is the base for over 8,600 international firms.

The DIFC Courts administer an English-language usual legislation system that complements the UAE's Arabic-language civil law system. They have actually given that become one of the world's most connected courts, with enforcement arrangements in places with a lot of the UAE's key trading partners. The DIFC Courts' world class bench of judges, incredibly effective procedures and service-oriented culture have actually made the confidence of the international business and legal community. In 2015, the primary court took care of situations valued at roughly AED 4.46 billion, with basically all global in nature, while the Little Cases Tribunal's workload almost increased to 216 instances.

Image 1 Picture Caption: His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah (centre); with Dr. Michael Hwang, SC, Head of the Dispute Resolution Authority (DRA) and Chief Justice of the DIFC Courts; and His Excellency Essa Qazim, Governor of Dubai International Financial Centre (DIFC); at the finalizing of new legal arrangements between Ras Al Khaimah and DIFC Dispute Resolution Authority