HH Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah (centre), with Dr. Michael Hwang, SC, head of the Dispute Resolution Authority (DRA) and Chief Justice of the DIFC Courts; and HE Essa Qazim, governor of the DIFC
A new agreement will allow judgments issued by Dubai International Financial Centre’s English-language Courts to be directly enforced by courts in Ras Al Khaimah (RAK).
Under the deal, RAK government bodies, companies, investors and individuals can opt-in for DIFC jurisdiction in their contracts.
This allow those that do so to use DIFC Courts and the DIFC Arbitration Centre to resolve disputes.
The agreement will also see DIFC Academy of Law provide legal training for RAK students and young professionals.
“For those who invest, work and live in Ras Al Khaimah, the additional choice of this proven English-language legal system offers more prospects for future progress. For investors, we speak the language of international commerce, and for businesses we offer greater certainty and confidence in a legal system recognisable around the world ,” said His Highness Sheikh Saud bin Saqr Al Qasimi Member of the Supreme Council and Ruler of Ras Al Khaimah.
“Individual residents can have even greater trust that their property and assets will be secure here.”
The deal comes as RAK seeks to boost its standing as an investment destination and encourage companies to setup operations.
“Through working together, we have reached a major milestone on the road to the UAE’s 2021 Vision of efficient and swift commercial justice. It is further proof of how the DIFC Courts’ strategy of building strong connections with jurisdictions nationally and internationally supports economic growth,” said Mark Beer, CEO of the Dispute Resolution Authority (DRA) at DIFC Courts.