New law brings more clarity to DIFC's responsibilities
COMMERCIAL NEWS
In his capacity as Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, has issued a law relating to Dubai International Financial Centre (DIFC). It replaces the original founding law of DIFC.
In line with global best practice, the new law provides for more clarity on the duties and responsibilities of the President, the Governor, the Centre and bodies in DIFC.
It also ensures the Centre’s operational, financial and administrative independence that is crucial for the continued growth and success of the Centre and confirms the requirements for their adherence to the highest governance and accountability principles, said the statement from DIFC.
The new law expands the strategic objectives for DIFC which aims to further boost Dubai’s position as a global hub for financial services and promote the values of efficiency, transparency and integrity, it stated.
These objectives now also include advancing sustainable economic growth for Dubai, developing and diversifying its economy and increasing the GDP contribution of the financial services sector, to promote investment into Dubai and to attract regional and international entities to establish themselves in DIFC as their principal place of business.
The Dispute Resolution Authority that existed under the previous Law will operate as two separate bodies under the new Law in the form of the DIFC Courts and the Arbitration Institute.
This will allow each body maximum opportunity for growth and proper allocation of resources in respect of their separate mandates said the statement.
In addition, the new law allows the DIFC President to exempt certain federal and local government authorities, companies and other entities from the application of any DIFC laws or regulations being applicable to them when present in the Centre in which case only UAE federal and local laws will apply to them, it added.-TradeArabia News Service
