4 April 2018, Abu Dhabi, UAE: Abu Dhabi Judicial Department (“ADJD”) and Abu Dhabi Global Market Courts (“ADGM Courts”) have signed a Memorandum of Understanding (“MoU”) for the reciprocal enforcement of their judgments, decisions and orders and the arbitral awards ratified or recognised by them. This comes within the objectives of the Government of Abu Dhabi to enhance the international competitive position of the Emirate, and to create an environment capable of attracting investment by realisation of competitive indicators.
The MoU provides the business and investor community with the clarity and guidance they need regarding the enforcement of judgments, decisions, orders and arbitral awards in the judicial system of the Emirate of Abu Dhabi. It follows the signing of their first memorandum of understanding in April 2016.
H.E. Chancellor Yousuf Al Abri, Undersecretary of Abu Dhabi Judicial Department, said: “Signing the MoU comes within the directions of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, to cooperate and integrate with the various government entities towards the enhancement of the competitive position of the Emirate of Abu Dhabi, and to provide excellent government services. This confirms that the Judicial Department is keen to provide all possible administrative and justice facilities to the investment sector under the law.” He added, “the MOU establishes clear procedures for the reciprocal enforcement of the judgments and decisions of the two courts, which saves time, effort and expenses incurred by the parties in litigation, and provides them with the information they need in relation to enforcement of judgments in accordance with the judicial system of the Emirate of Abu Dhabi. This is within the strategic priority of the Judicial Department to facilitate access to justice and improve the quality of the judicial and justice services.”
H.E. Ahmed Al Sayegh, Chairman of ADGM said: “This outstanding development of the collaboration between Abu Dhabi Judiciary Department and ADGM Courts reinforces the strong leadership of Abu Dhabi’s judiciary in cementing Abu Dhabi’s global presence in dispute resolution. I am delighted that the thriving business and investor community of Abu Dhabi’s international financial centre has the support and commitment of the judiciary in ensuring their judgments will have mutual recognition and enforcement across Abu Dhabi.”
Chief Justice of ADGM Courts, Lord Hope, commented: “I am very grateful to Abu Dhabi Judicial Department for their ongoing support and collaboration with ADGM Courts. We remain committed to contributing to Abu Dhabi’s vision of justice and equality, integrity and transparency, and innovation and excellence in judicial services. The partnership that has developed between ADGM Courts and Abu Dhabi Judicial Department is one of enduring mutual trust and respect. We very much look forward to achieving our further endeavours with Abu Dhabi Judicial Department for the benefit of the community and to strengthening the community’s confidence in Abu Dhabi’s judicial system.”
ADJD and ADGM Courts have acknowledged the significance of this regime to the community by agreeing to assist litigants with judgments that have been referred to the two courts for enforcement action and to collect, share and publish information and statistics related to their enforcement cases. They will also undertake all necessary measures to achieve the implementation of the MoU.
About Abu Dhabi Global Market:
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Based in Abu Dhabi, home to one of the world’s largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in the world, ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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