The Dubai international Financial Centre Courts have been selected to advise Kazakhstan’s Central Bank on establishing a commercial court system in the planned Astana International Financial Centre.
UAE state news agency WAM reported that the DIFC Courts have signed a consultancy agreement with the National Bank of Kazakhstan.
The agreement will see DIFC staff work in partnership with their Kazakhstani counterparts over the next three years as they establish specialist commercial courts. It will cover areas including legislative and regulatory framework, training of staff and the fitting out of chosen premises and IT systems.
“Through a consistent track record of success in commercial dispute resolution, innovation and enforcement, the DIFC Courts are today established as a world class centre of legal excellence. This is reflected in our selection by the National Bank of Kazakhstan to consult on the wide range of issues that need to be considered and steps that need to be taken to establish an internationally respected commercial court,” said DIFC Courts chief justice Michael Hwang.
Kazakhstan’s President Nursultan Nazarbayev said DIFC was the model for the planned AIFC – designed to be a world class Eurasian finance centre.
“Following a series of visits to the UAE, we have seen first hand how important the DIFC Courts have been to the free zone’s success and we look forward to benefitting from their expertise as we move forward with the creation of the AIFC,” said National Bank of Kazakhstan deputy governor Nurlan Kussainov.