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Friday, 13 October 2017

Legal wrangles dent #Dubai’s image as region’s financial centre #UAE

Legal wrangles dent Dubai’s image as region’s financial centre:

"Differences between Dubai’s offshore international courts and its domestic-looking onshore courts are transforming the legal landscape in the emirate and undermining its position as a global financial centre. The friction came to a head last year when the government created a Joint Judicial Committee (JJC) to decide on potential conflicts of jurisdiction between the onshore Dubai courts and the increasingly busy courts in the offshore Dubai International Finance Centre (DIFC). The JJC’s ability to stay proceedings at the DIFC Courts, renowned for their investor-friendly environment, sent shockwaves through the legal community based in the Gulf’s commercial hub."



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