DIFC Court Holds Historic First Session

by Lorys Charalambous, Tax-News.com, Cyprus

28 October 2005

The Dubai International Financial Centre (DIFC) Courts held its first session earlier this week, establishing the first independent judiciary system of its kind in the region.

According to the DIFC, the formal sitting, held on Tuesday, marks "a very significant step" for the centre in its quest to establish a world class financial centre.

The session was chaired by Sir Anthony Evans, Chief Justice of the DIFC Courts and Mr Michael Hwang, who was recently appointed as the Deputy Chief Justice of the DIFC Courts.

“Today is a historic day for us. We have firmly established what we set out to create – an international financial centre governed by internationally recognised laws and regulations. The first session of the court reaffirms our status as a unique institution in the region, " commented Dr Omar Bin Sulaiman, Director General of DIFCA.

"The DIFC Courts is the most critical and important feature of the DIFC. Financial institutions have the peace of mind knowing that, when they locate in the DIFC, they can rely on regulations which are based on international best practices and have a judicial system with which they are familiar," Dr Bin Sulaiman added.

Meanwhile, Sir Anthony Evans spoke of the DIFC courts as a "novel legal institution."

"The Courts will administer the rules of international commercial law in respect of transactions and events that take place in this Centre, in Dubai," said Sir Anthony.

"International norms will be the order of the day at the DIFC Courts. The priority for the DIFC Courts is that they shall be, not only independent, but also readily accessible to the public and accountable to the parties to any dispute that arises within their jurisdiction and to the wider international commercial community beyond," he added.

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