Wednesday, December 14, 2022 – 9:21 PM
Maktoum bin Mohammed:
– “The strategy of the Dubai Financial Center Courts aims to provide the Emirate of Dubai, the UAE, and the global financial and business sector with an integrated set of dispute settlement services.”
– “The launch of the Dubai International Financial Center Courts, the first court of its kind in the world, enhances the ability to adapt to the future requirements of this promising sector.”
– “The new court is an advanced and effective arbitration umbrella in providing a legislative environment that supports the stability and sustainability of digital economy projects.”
DUBAI, 14th December, 2020 (WAM) — The Dubai International Financial Center Courts announced the launch of the first court of its kind in the world for global companies and institutions working in the areas of the digital economy, and the formation of a global team of lawyers and industry experts to prepare the rules for the new specialized court, as part of a new set of first specialized rules. It is of its kind globally at the level of the courts sector, especially for the Digital Economy Court.
The Dubai International Financial Center Courts also announced the holding of a virtual moot court, in the presence of teams of international law students and qualified judges, to test the new rules of the Digital Economy Court on a cryptocurrency dispute, from November 26 to 27.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and President of the Dubai International Financial Center said: “The Dubai International Financial Center Courts continues its strategy aimed at providing the Emirate of Dubai, the UAE and the global financial and business sector with an integrated set of settlement services. Disputes that represent a pioneering qualitative leap that goes beyond the traditional framework of services recognized in the general courts.
His Highness added: “The launch of the Dubai International Financial Center Courts, the first court of its kind in the world, enhances the ability of global companies and institutions working in the areas of the digital economy to adapt to the changing and future requirements of this promising sector, which is one of the fastest growing sectors.”
His Highness continued: “The new court represents an advanced and effective arbitration umbrella in providing the legislative environment that guarantees the support and protection of the stability, sustainability and growth of business projects in the field of the digital economy, which has become one of the most important elements of the comprehensive development of various regional and global economies, and contributes positively and increasingly to the growth of the national product.” to many countries.”
The Dubai International Financial Center Courts took advantage of the professional and development capabilities of a group of prominent international judicial experts to supervise and operate the advanced digital infrastructure and service capabilities of the new court, within the Digital Economy Court circuit, where a panel of international lawyers and experts in the industry were assigned to formulate and confirm New specialized rules, access to effective and modern settlement of disputes in the digital economy, standardization of the use of smart forms to provide information through a dynamic platform powered by artificial intelligence, while courts will hear cases using advanced digital systems, with the aim of supporting environmental sustainability standards.
In 2021, the Dubai International Financial Center Courts established the Digital Economy Court Chamber to deal with complex national and international disputes related to current and emerging technologies in various fields, from big data to blockchain technologies and artificial intelligence, financial technologies and cloud services to vehicle disputes. Unmanned aerial vehicles, 3D printing technologies, and robotics.
For his part, His Excellency Judge Omar Al Muhairi, Director of the Dubai International Financial Center Courts, said: “With the rapid emergence of the role of the digital economy as a major driver of business globally, the design of these specialized rules comes with the aim of supporting the building of a system that enjoys flexibility that enables it to address and settle emerging disputes. By blending judicial expertise with innovative technological applications.
In 2022, the Dubai International Financial Center Courts issued a judgment relating to one of the first cryptocurrency litigation disputes in the region and one of the few cases recorded globally.
This ruling addressed issues such as the secure transfer of cryptocurrencies between the buyer and seller and the obligations owed by the cryptocurrency custodian. This issue led to many other interesting questions such as the nature of bitcoins, i.e. whether cryptocurrencies are considered commodities, currencies, property or something completely different, and the right time to value bitcoins.
Established in 2004, the Dubai International Financial Center Courts provides an international judicial system that operates under the Anglo-Saxon law system in the English language in Dubai and forms an essential part of the UAE legal system. It was established with the specific aim of increasing the confidence of the international community circles in the UAE in the legal system of the Emirate of Dubai and strengthening the relations of these investment and commercial circles with Dubai and the UAE in general.
In 2011, the jurisdiction of the DIFC Courts was expanded beyond the scope of the financial center to include international companies, enabling any parties anywhere in the world to resort to the DIFC courts by “incorporating” this neutral global jurisdiction.
In addition, in 2017, the Center Courts, in partnership with the Dubai Future Foundation, launched a think tank “Courts of the Future” with the aim of exploring the most important areas of various legal technologies and preparing research and intellectual leaders to promote and encourage contemporary methods in increasing and improving the efficiency of users’ access to court services around the world.
This research center has enabled the DIFC Courts to progress seamlessly on their major technology projects under the umbrella of the Courts of the Future, and to gather talent and resources from partners and global experts in the fields of law, technology and business, so that they can help court systems absorb and benefit from emerging technologies.
– Mill –
Ahmed Al Botli
