RAK ICC Companies can settle disputes at ADGM Courts

17/11/2017

   

Description

Financial Free Zone Abu Dhabi Global Market (ADGM) committed to a partnership with RAK International Corporate Centre (RAK ICC) and ADGM Courts. The signed Memorandum of Understanding between RAK ICC, ADGM and ADGM Courts ensures that companies registered with RAK ICC will have access to common law-based dispute resolution services provided by ADGM and ADGM Courts. In other words, RAK ICC entities can have their court cases heard at ADGM Courts. These courts are common law courts with judges from the world’s leading common law jurisdictions, such as Singapore and Hong Kong.

“We want to provide RAK ICC clients with an alternative dispute resolution and arbitration system to help them resolve issues they may face,” said the RAK ICC chairman Sheikh Ahmed bin Saqr Al Qasimi. The chairman of ADGM, Ahmed Al Sayegh, added: “This partnership dovetails well with our commitment to providing internationally-aligned arbitration and dispute resolution services that support UAE-based companies and commercial entities. It is also important to stress that ADGM Courts’ regulations and ADGM’s Arbitration regulations provide a regime for the enforcement of ADGM Courts’ judgments and ADGM arbitral awards, respectively, within and outside the jurisdiction of ADGM.”