Umm Al Quwain Free Trade Zone (UAQFTZ) and the Dubai International Financial Centre (DIFC) Courts have signed a Memorandum of Understanding (MoU) to enhance cooperation between the two parties and provide an opportunity to exchange information and provide awareness to businesses in Umm Al Quwain Free Trade Zone regarding the suite of public services provided by the DIFC Courts. In addition to giving businesses operating in the UAQ Free Trade Zone access to a highly effective legal system, the MoU aims to create a framework for collaboration between the two organizations to support the UAE business community, making the Zone more attractive for trade and investment.
The MOU was signed in the presence of H.H Sheikh Khalid Bin Rashid Al Mualla, the Chairman of Umm Al Quwain Free Trade Zone Authority, His Excellency Justice Omar Al Mheiri, Director, DIFC Courts and Mr. Johnson M. George, the General Manager of the UAQ Free Trade Zone.
“We are pleased to sign an MoU with the DIFC Courts. This association is a significant step forward for the UAQ Free Trade Zone as it demonstrates our commitment to providing a business-friendly environment for our clients, working together and collaborating, especially in the field of Wills registration, as agreed upon in this partnership. The DIFC Court's reputation for fair and transparent solutions will provide added confidence for businesses looking to invest in the zone," said Mr. Johnson M. George, the General Manager of the UAQ Free Trade Zone.
“His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “The DIFC Courts is honoured to enter this agreement with Umm Al Quwain Free Trade Zone. We remain confident our existing and unique services can contribute to the overall value proposition for businesses and see this cooperation agreement as another step towards creating greater awareness to residents and investors in the Emirate of Umm Al Quwain.
As well as dispute resolution services for large commercial and civil disputes through our specialised Divisions, the DIFC Courts also offers resolution of smaller disputes through the Small Claims Tribunal. Ancillary services such as the Wills Service and the new ‘tejouri’ digital vault provide users with a depth of options tailor built to address the needs of not only individuals, but also small and large businesses.”
The two parties further agreed on the importance of launching awareness campaigns aimed at the business community, as well as promoting the services provided by both parties, whilst providing each other with statistics, publications, periodicals, indications, laws, and regulations governing their public services for the benefit of the end-users.
The UAQ Free Zone has been actively expanding its service offerings by forming strategic alliances with a number of reliable business partners to increase investor-friendliness.
About UAQ FTZ
Umm Al Quwain Free Trade Zone is a fast-growing logistics and business hub in the MENA region that delivers unrivaled value to its 9000+ investors through innovative incentives. This strategically located business hub offers a host of benefits that include cost-efficient licenses, offices, and warehouses, 100% foreign ownership, 100% repatriation of capital and profits, zero currency restrictions, 100% import and export tax exemptions within the free zone, simple and fast registration process, excellent customer support, no restrictions on hiring foreign employees, and many other modern and investor-friendly rules and regulations.
About the DIFC Courts
The UAE’s DIFC Courts administers a unique English-language common law system – offering swift, independent justice to settle local and international commercial or civil disputes. The Courts, based in Dubai, provide certainty through transparent, enforceable judgments from internationally-recognised judges, who adhere to the highest global legal standards. The DIFC Courts is independent from, but complementary to, the UAE’s Arabic-language civil law system, offering a choice that strengthens both processes, while ensuring public access to world-class justice.
The DIFC Courts was established under laws enacted by the late HH Sheikh Maktoum bin Rashid Al Maktoum, Ruler of Dubai in September 2004. The laws establishing the DIFC Courts are designed to ensure that the DIFC Courts provide the certainty, flexibility and efficiency expected by court users. The Courts’ community-focused approach encourages early settlement, while a successful track record supports Dubai’s growing status as an international business hub.
Source: UAE Business Daily
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