PHOTO
DIFC Courts expand scope of wills services across the UAE. Image for illustrative purposes.
The number of businesses and individuals filing commercial claims and disputes in Dubai has surged in recent months, according to the latest statistics from the Dubai International Financial Centre (DIFC) Courts.
From January to June this year, the volume of cases lodged before the main Court of First Instance (CFI) went up by 96 percent year-on-year.
The disputes, some of them related to arbitration, have a combined value of 2.2 billion UAE dirhams ($598 million), with each case estimated to be worth 88.5 million dirhams, on average.
The cases filed involve disputes related to employment, breach of contract, outstanding payments, insolvency and wills and probate.
The claimants seeking a resolution of legal issues come from a range of sectors including banking and finance, construction, real estate and manufacturing.
Other cases
The DIFC Courts also reported a “noticeable” rise in the number of “opt-in” cases for the first half of the year, with more than 70 percent of claims in the CFI and arbitration-related cases originating from parties “electing” to use the DIFC Courts to resolve their disputes.
The total value of enforcement claims filed during the same period also reached 192.4 million dirhams.
The rise in the number of cases has been attributed to the growing confidence in the legal framework of DIFC Courts.
“At a time when the UAE is now the largest recipient of foreign investment in the Middle East, confidence continues to grow in our legal framework, contributing to the overall value proposition of the DIFC, Dubai and the UAE, for investors and the international business community,” said Omar Al Muhairi, deputy chief justice at DIFC Courts.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
