Description
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai based on English common law and using courts independent of the United Arab Emirates.
Discussion
The territorial zone where the DIFC laws apply are situated on a little over one square kilometre of land. Yet, the economic activity contributes to almost 15% of the United Arab Emirates’ Gross Domestic Product.
The DIFC offers jurisdictional competition.
Implementation
Federal Law No. 8 of 2004 Regarding The Financial Free Zones
The national law authorising the DIFC is Federal Law No. 8 of 2004.
Article 2 A Financial Free Zone shall be established by a Federal Decree. It shall have a body corporate and shall be represented by the President of its board. It and no one else shall be responsible for the obligations arising out of the conduct of its activities. The Cabinet will prescribe its area and location.
Article 5 The Financial Free Zones shall not do anything which may lead to contravention of any international agreements to which the State is or shall be a party.
Arbitration Law DIFC No. 1 of 2008
The laws of the DIFC which govern how disputes are settled.
Article 10. Extent of court intervention In matters governed by this Law, no DIFC Court shall intervene except to the extent so provided in this Law.
Article 12. Definition and form of Arbitration Agreement
(1) An “Arbitration Agreement” is an agreement by the parties to submit to Arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. An Arbitration Agreement may be in the form of an arbitration clause in a contract or in the form of a separate agreement. …
Article 25. Equal treatment of parties The parties shall be treated with equality and each party shall be given a full opportunity of presenting his case.
Further Reading
- https://www.difc.com/
- Gebel, Titus, Free and Private Cities: Making Governments Compete For You (3rd ed, Free Cities Foundation, 2023).