Dubai is now widely recognised as the investment and business hub of the Middle East. The Memorandum of Guidance is designed to assist investors, businessmen and lawyers in the UK who wish to develop closer trade and investment links with the Emirate and vice versa. It clarifies existing arrangements between the two courts, defining such issues as the mutual enforcement of judgments in accordance with principles and practices set out in detail in the document.
The Memorandum accordingly reflects the historic trade and industry links between the UK and the UAE, while reinforcing a shared commitment to providing the highest standards of commercial justice. It has been signed by DIFC Courts Chief Justice Michael Hwang and the Honourable Justice Cooke, Judge In Charge of the Commercial Court of England and Wales.
The signing ceremony took place ahead of the ninth meeting of the UK-UAE Task Force, in the presence of the Foreign Office Minister for the Middle East and North Africa, Alistair Burt, and Dr Anwar Gargash, the UAE Minister of State for Foreign Affairs.
The UK-UAE Taskforce was established in June 2010 when UK Prime Minister David Cameron visited the UAE, with the objective of strengthening the UK s relationship with the UAE across the board: in culture, education, defence and security, trade and investment, and foreign policy co-operation. Under the umbrella of the Task Force the UK-UAE bilateral relationship has gone from strength to strength.
Michael Hwang, Chief Justice of the DIFC Courts, commented: “We greatly welcome this Memorandum of Guidance, which will bring clarity and confidence to the relationship between our two courts. Without a clear understanding of enforcement and judicial procedures across borders, businesses are unable to form and nurture the international trade relationships needed to fuel economic growth.” The Honourable Justice Cooke, Judge In Charge of the Commercial Court of England ‘&’ Wales, remarked: “A surprising number of people today are unaware of the reciprocity between courts. While reiterating the existing relationship between DIFC Courts and the UK Commercial Court, the Memorandum of Guidance sets out the basis upon which judgments of one court can be enforced in the other and helps to engender an atmosphere in which business can flourish.” WAM/MN