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8 February 2010
Nick Anstee, Lord Mayor of the City of London, who is leading a business delegation to the UAE, said although events over the past year had shaken financial markets, London was making a good recovery with equities, foreign exchange, insurance, marine and commodities trading.
“London remains a leading financial centre. We continue to welcome investment from the UAE companies and on this visit I will be encouraging UAE-based financial institutions to look to London as a partner to raise capital and do business,” he said.
Anstee, who took part in a discussion titled “Towards economic recovery — the role of the courts of arbitration at the Dubai International Financial Centre, also stressed the links between London and the UAE. “City of London’s relationship with the UAE remained “a critically important one and on this visit I hope to build on that relationship.”
Sir Anthony Evans, Chief Justice of the DIFC Courts, said his court, modelled on the Commercial Court in London, has seen a rapid upsurge in caseload since the middle of 2009. The total number of proceedings commenced in 2009 was 36, against nine in the previous year, and the increased rate has continued through January 2010, he said.
“As economic recovery gains momentum, the DIFC Courts provide a common law jurisdiction for the settlement of disputes which have some connection with the DIFC and its members,” Evans said.
He said although the jurisdictions of Dubai Courts and DIFC Courts have been defined there are still grey areas. “There is active collaboration between the two courts. There have been a Memorandum of Understanding and two specific protocols, one dealing with enforcement of judgments, the other with grey areas of the jurisdiction limits, and there is a standing joint committee including two judges from each court,” Evans said.
The MoU provides for regular and open discussion between the Courts. It also supports the sharing of best practices, as well as joint development efforts focused on subjects such as improving efficiencies through the use of information technology, jurisdiction, joint awareness and education initiatives, and the nurturing of judicial talent.
Earlier on Sunday, welcoming Nick Anstee, Ahmed Humaid Al Tayer, Governor of DIFC, said events over the past two years have only highlighted the importance of building deeper collaborations and linkages among leading international financial centres.
“The Lord Mayor’s visit to the UAE is an example of these efforts on a bilateral level, while also serving to highlight the increased cross-border business opportunities that the new global realities offer companies in our two countries,” he said.
