Sheikh Mohammed Issues New Law for DIFC

  • Publish date: Thursday، 22 December 2022
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In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (5) of 2021 relating to Dubai International Financial Centre (DIFC).

It replaces Law No. (9) of 2004, which was the original founding law of DIFC.

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 DIFC's operational, financial and administrative independence that is crucial for its continued growth and success, and confirms the requirements for their adherence to the highest governance and accountability principles.

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 the emirate and to attract regional and international entities to establish themselves in DIFC as their principal place of business.

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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.  

This is an important addition to allow the increasing number of federal and local government authorities in DIFC to be exempted from certain DIFC laws and regulations that were never intended to apply to them.

Image Credit: WAM

This article was previously published on UAE Moments.To see the original article, click here

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