Dubai Courts has entered into a Memorandum of Understanding (MoU) with Dubai Chambers to drive the emirate’s reputation as a reliable global hub for resolving commercial disputes. This agreement focuses on creating initiatives, programs, and activities that facilitate the resolution of commercial disagreements through mediation and conciliation between the parties involved.
Binding agreements for enhanced enforcement
According to the terms of the MoU, agreements validated within the Dubai Courts System will carry the weight of an executive instrument, making them binding for all parties involved, which will enhance the enforcement of the terms outlined.
Fostering collaboration and innovation
The agreement aims to improve communication between the two entities to foster the exchange of legal data and critical information, thereby developing more effective dispute resolution services and processes. Both parties will share knowledge and experience related to innovation and digitalization to enhance service quality. Additionally, they will collaborate to educate members of the Dubai Chamber of Commerce on the benefits of amicably resolving commercial disputes. The MoU also aims to enhance collaboration on research and the evaluation of international best practices in mediation and reconciliation.
Commitment to justice and efficiency
In comments regarding the agreement, Prof. Dr. Saif Ghanem Al Suwaidi, director of Dubai Courts, expressed satisfaction with the signing of the MoU with Dubai Chambers. He highlighted that this represents a significant step in efforts to elevate the Emirate of Dubai as a prominent global center for resolving commercial disputes. The strategic partnership is aimed at enhancing the legal framework and advancing digital transformation, aligning with the vision of the leadership to establish Dubai as the premier destination for justice and to provide a distinguished global model in alternative justice.
Enhancing judicial mechanisms
Al Suwaidi further mentioned that Dubai Courts is dedicated to fostering cooperation to ensure the integration of efforts and alignment of visions to achieve the highest standards of justice. There is a concerted effort to develop judicial mechanisms based on best international practices, ensuring speedy and accurate judicial services that meet the growing needs of Dubai’s business community.
Aspiring for new heights in alternative justice
Moreover, Al Suwaidi noted that through this productive collaboration, there is an aspiration to elevate alternative justice to new heights, emphasizing Dubai Courts’ commitment to creating an integrated legal environment that promotes innovation and supports economic growth. He reiterated a strong commitment to enhancing partnerships with all stakeholders to achieve the shared goal of establishing Dubai as a model for justice.
Pivotal moment for economic growth
Additionally, Al Suwaidi regarded the signing of the MoU with Dubai Chambers as a pivotal moment that would bolster Dubai Courts’ capacity to add value to businesses and society. He further expressed confidence that this collaboration would yield tangible benefits for all parties involved and reinforce Dubai’s status as a global economic center distinguished by a world-class judiciary.
Attracting global investment
In a statement made during the signing event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, remarked that the sophisticated, efficient, and flexible legislative and legal environment in Dubai is a crucial factor in attracting investors and companies from around the world.
Aligning with digital transformation strategies
Furthermore, this MoU with Dubai Courts represents a strategic initiative to improve mediation services for addressing commercial disputes in the emirate and to increase their effectiveness and competitiveness on a global scale. This, Dubai Media Office reported, will contribute positively to Dubai’s favorable business climate and stimulate growth and prosperity. The agreement will also align with Digital Dubai’s strategy to establish a robust digital ecosystem that enhances the digital economy by utilizing electronic connectivity in the resolution of commercial disputes.
Benefits of mediation
The mediation services offered by the Dubai Chamber of Commerce provide numerous benefits, including flexibility, speed, efficiency, and confidentiality, while also helping parties save time, effort, and costs. Mediation plays a vital role in preserving business relationships between disputing parties, ensuring they maintain full control over the process from start to finish.
Supporting Dubai’s business community
Dubai Chamber of Commerce is essential in representing, supporting, and safeguarding the interests of Dubai’s vibrant business community. The chamber is dedicated to fostering a commercial environment that promotes the growth of local businesses and positions the emirate as a premier global business center. The initiatives of both Dubai Courts and the chamber align with the objectives of the Dubai Economic Agenda (D33), which seeks to double the emirate’s economy over the next decade and establish Dubai as one of the top three global cities.
For more miscellaneous news, click here.
