Dubai International Finance Center courts record $517m worth of cases in H1

Dubai International Finance Center courts record $517m worth of cases in H1
Dubai International Finance Center courts record $517m worth of cases in H1

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Jeddah - Yasmine El Tohamy - DUBAI: Dubai International Finance Center courts saw a 10 percent increase in case volume across all divisions in the first half of 2022, with 1.9 billion dirhams ($517 million) in total value, according to a statement. 

Among the 44 cases filed in the Court of First Instance, the total value was 1.87 billion dirhams, with an average of 53.3 million dirhams, it added. 

There were 447 cases across all divisions in the first six months of 2022.

Director of DIFC Courts, Omar Al Mheiri, said: “The DIFC Courts has entered 2022 with clear intent and purpose; with the approval of Sheikh Maktoum bin , Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of the Dubai International Financial Center, the new DIFC Courts strategic work plan, 2022 – 2025, is in full effect.” 

During the first half of 2022, the Arbitration Division of the CFI also recorded an increase in cases totaling 1 billion dirhams, with an average claim value of 130 million dirhams.

In addition to disputes relating to breach of contract, outstanding payments, wills a probate, and employment claims brought to the CFI covered a range of sectors.

Around 50 percent of claims in CFI cases for the first half of 2022 originated from parties who ‘opted-in’ to use DIFC Courts to resolve their disputes, the statement said. 

In addition to replacing outdated processes with digital technology, the statement reported that the DIFC Courts’ latest Work Plan would ensure court systems are smart, user-friendly, and agile enough to keep up with global commerce.

Implementations will bridge language, border, jurisdictional, and monetary barriers, the statement added.

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