DIFC Expands Strategic Objectives and DIFC Courts Implement a Paperless Mission

DIFC Expands Strategic Objectives and DIFC Courts Implement a Paperless Mission

First, His Highness Sheikh Mohammed bin Rashid Al Maktoum , the Ruler of Dubai, Vice President and Prime Minister of the UAE, issued Law No. (5) of 2021 that relates to DIFC. The new Law replaces Law No. (9) of 2004 (the original founding law) on Dubai International Financial Centre. Aligning with global best practice, the new law provides for more clarity on the duties and responsibilities of the President, the Governor and the Centre bodies in DIFC, also ensuring the Centre’s operational, financial and administrative independence that is crucial for the continued growth and success of the Centre. It also confirms the requirements for their adherence to the highest governance and accountability principles. DIFC’s strategic objectives expand under the new Law, aiming to further boost Dubai’s position as a global hub for financial services and promote the values of efficiency, transparency and integrity. These objectives now also include advancing sustainable economic growth for Dubai, developing and diversifying its economy and increasing the GDP contribution of the financial services sector. This is to promote investment into Dubai and to attract regional and international entities to establish themselves in DIFC as their principal place of business. The Dispute Resolution Authority that