The courts in Dubai’s international financial center could become a lot busier in the years ahead, thanks to a little-noticed change in the way banks and other firms in the region are drafting new contracts.
Lawyers say that many agreements signed this year involving Middle Eastern counterparties have clauses which specify that any future contractual disputes should be resolved in the Dubai International Financial Centre’s court system. Prior to the change, which followed a law approved by Dubai’s ruler in late 2011 allowing parties anywhere in the world to choose the DIFC as their jurisdiction, complex contracts typically called for those disputes to be heard in London.
“I would say that it will increase the case load [in the DIFC courts] quite significantly over time,” said Graham Lovett, the regional managing partner at global law firm Clifford Chance in Dubai.
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