Opportunities opens with RAK signing new MOU with DRA

13 April, 2017

Recently, Ras Al Khaimah (RAK) has signed a Memorandum of Understanding (MoU) with the Dispute Resolution Authority (DRA) – an authority within the DIFC. It allows the member companies and people living, working and investing in the Free Zone to have an access to a suite of dispute resolution services, which includes the Small Claims Tribunal of the DIFC Courts – one of the world’s leading English language commercial courts.

At the time of signing M0U Sheikh Saud bin Saqr Al Qasimi the Chairman of Board of Directors of Ras Al Khaimah said: “For those who invest, work and live in Ras Al Khaimah, the additional choice of this proven English-language legal system offers more prospects for future progress. For investors, we speak the language of international commerce, and for businesses we offer greater certainty and confidence in a legal system recognisable around the world. Individual residents can have even greater trust that their property and assets will be secure here. Taken together, today’s changes are another great example of our vision of the Emirates working hand-in-hand to make the UAE a world-class place to do business.”

This affiliation between Arabic civil laws and English common law legal systems attracts more foreign investors to RAK. Moreover DIFC, established a decade ago has proven to be successful in earning investor’s trust providing a similar type of legal system internationally.

Dr. Michael Hwang, SC, Head of the Dispute Resolution Authority (DRA) and Chief Justice of the DIFC Courts, said: “Giving businesses and individuals choice as to how to resolve their disputes is an extremely effective tool to drive foreign direct investment and commerce in Dubai. RAK’s economy has flourished in recent years. Now, through our cooperation, the emirate is able to offer a full suite of dispute resolution services. Today’s announcement is good news for all investors, businesses and property owners in RAK, with parties free to choose the legal system to best suit their needs.”

By this MoU Ras Al Khaimah Government’s will be able to provide choice to companies and individuals to solve business problems. Also, by working together, Ras Al Khaimah and Dubai can reach several milestones on the road to the UAE’s 2021 Vision and efficient and swift commercial justice.

The economy of RAK is already widely diversified. Thousands of companies have experienced the growth in this in this Freezone. It is tourism hub, the emirate is home to some of the country’s largest manufacturers including RAK Ceramics, Julphar – Gulf Pharmaceutical Industries, Ashok Leyland and Gulf Cement Company. More than 500 manufacturers and thousands of SMEs are located in this Freezone, while RAKFTZ is the base for over 8,600 international companies.

The DIFC Courts with the administration of an English-language common law system that complements the UAE’s Arabic-language civil law system had become one of the world’s most connected courts, with enforcement agreements in by many of the UAE’s key trading partners.

With the world class bench of judges, exceptionally efficient processes and service-oriented culture have earned the confidence of the international business and legal community. In 2015, the main court handled cases valued at approximately AED 4.46 billion, with virtually all international in nature, while the Small Claims Tribunal’s workload almost doubled to 216 cases.

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By Dhruti Thakkar – Consultant- Corporate services and compliance at  N R Doshi & Partners

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