Dubai: International Financial Centre Amends Founding Law

Dubai: International Financial Centre Amends Founding Law News developments

Dubai: International Financial Centre Amends Founding Law

Gulf News (United Arab Emirates), 6 May 2021: Dubai’s Ruler has issued Dubai Law No. 5/2021 repealing Dubai Law No. 9/2004 which was the founding law of the Dubai International Financial Centre.

It provides clarity on the duties and responsibilities of the President, the Governor and entities in the Centre.

It also expands the Centre’s strategic objectives to include ‘advancing sustainable economic growth for Dubai, developing and diversifying the economy and increasing the GDP contribution of the financial services sector, to promote investment into Dubai and to attract regional and international entities to establish themselves in the Dubai International Financial Centre as their principal place of business’.

The new Law allows the Centre’s President to exempt certain Federal and local government authorities, companies and other entities from any Centre laws applicable to them when present in the Centre. In these cases, only UAE Federal and local laws will apply to them. This will allow the increasing numbers of Federal and local government authorities in the Centre to be exempt from certain Centre laws which were never intended to apply to them.

It also ensures the Centre’s operational, financial and administrative independence.

The Dispute Resolution Authority will be split and operate as two separate bodies. The first will be the Dubai International Financial Centre Courts and the second will be the Arbitration Institute.

In addition, the amendments provide clarity on what establishments may do outside their physical premises in the Centre. They may supply services and products to customers outside the Centre, as long as they are primarily provided out of their premises in the Centre. Marketing and promotion of their activities can be conducted outside the Centre as well.

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Benjamin Filaferro