Business

The continuous advancement of the UAE's capital markets received a boost today with the finalizing of an arrangement offering companies listed on Dubai's main bourse higher access to a broad range of industrial issue resolution services.

The memorandum between the Dubai Financial Market (DFM) and DIFC Dispute Resolution Authority (DRA) produces a strategic collaboration that will benefit the 60 DFM- noted companies, as well as the a great deal of companies of Sukuk, bonds and funds, currently listed on the exchange.

The DRA administers justice and legal excellence within the Dubai International Finance Centre and is the gateway to a suite of services offered to businesses. Its divisions, which include the DIFC Courts, DIFC-LCIA Arbitration Centre, DIFC Wills and Probate Registry, and Academy of Law, operate in collaboration with other departments in the Emirate to supply companies with unrivaled choice about ways to fix their business disagreements, while developing UAE legal skill and protecting people investing or living in Dubai.

The two organisations will collaborate closely to make it possible for DFM and its member business to totally make use of the DRA's suite of services. They will likewise develop an international outreach program to jointly promote DFM and DRA services to global investors and business.

The arrangement was signed by His Excellency Essa Kazim, Chairman of DFM, and Michael Hwang, Head of the Dispute Resolution Authority and Chief Justice of the DIFC Courts, during a ceremony at the Dubai bourse.

His Excellency Essa Kazim, Chairman of DFM invited the signing of this MoU stating: "This significant action underlines DFM's ruthless efforts to set out the required structure for cooperation and jointly working with worried organizations to even more boost Dubai's favourable and attractive environment for investment. This will even more enhance efforts aimed at attaining the strategic objectives of Dubai 2021 strategy, enhancing the dynamic role of the financial sector as one of the crucial drivers of the economy. According to the MoU, the two sides will detail areas of cooperation making it possible for the DFM and its members to utilize the issue resolution, arbitration and tribunal services that DRA and DIFC Courts supply. This plan will even more enhance market participants' self-confidence in DFM's world-class company environment which plays an essential part in fortifying Dubai's leading position as a dynamic international financial centre.".

Chief Justice Michael Hwang stated: "Following the 2014 MSCI Emerging Markets Index upgrade, the UAE capital markets are now securely in the global spotlight. The DRA anticipates dealing with our coworkers at DFM to leverage the track record of bodies like the DIFC Courts and DIFC-LCIA Arbitration Centre to draw in worldwide listings, while supplying a whole suite of dispute resolution services to existing member companies.".

Beyond issue resolution, DFM and the DRA will collaborate on locations such as the use of "clever" innovation, implementing customer care finest practice, sharing financial data and employee training.

The DFM group actively promotes the exchange to global financiers and has held roadshows in New York and London considering that 2007. The most recent roadshow in New York in October enabled senior executives from 13 business listed on DFM and Nasdaq Dubai to notify global fund supervisors about their growth techniques and current developments.

The DRA is a local leader in the arrangement of world-class judicial and legal services. Through a series of memoranda with abroad jurisdictions, the DIFC Courts have developed among the world's greatest enforcement routines, and in September they were chosen by Kazakhstan's reserve bank to advise on developing a world class commercial court system including an arbitration centre at the planned Astana International Financial Centre (AIFC).

• Tags
• #Business
• #Magazine
• #Lifestyle