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Dubai forms two specialized courts to settle financial market disputes

Dubai Courts will establish a law enforcement committee for the emirate’s financial markets and create two new courts within its commercial court to expedite the resolution of disputes related to securities.

The new courts will focus on dispute resolution in stocks, stocks, bonds and other financial instruments, the Dubai Media Office said in a statement on Saturday.

The move aims to ensure rapid justice in the financial sector and raise the reputation of the justice system in the global commercial judicial community, the statement added.

The formation of the new courts supports the instructions of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to introduce new initiatives to support the emirate’s efforts to achieve greater success and excellence in a new phase of growth, Taresh Al Mansouri, General Director of Dubai Courts, said.

The new courts will have a remote litigation system with interactive technology that can be easily used by all parties including judges, lawyers, experts and litigants, the statement said.

The intelligent system covers all stages of the legal process, starting with the filing of an application. In addition, users can attach receipts and reports, sign them with digital signatures, and verify the identities of those involved in hearings and remote legal proceedings.

The remote litigation system can also be used to facilitate case management and remote judgments.

The online system enables judges and relevant departments to follow up cases, issue judgments and enforce judgments around the clock, according to Dubai Courts.

In accordance with @MaktoumMohammed’s guidelines, @DubaiCourts is announcing the formation of a Law Enforcement Committee for Dubai’s Financial Markets and the creation of 2 new courts within its Commercial Court to expedite the resolution of disputes related to securities. pic.twitter.com/SrExXbtaU0

– Dubai Media Office (@DXBMediaOffice) November 6, 2021

The system can regulate the authorization for officials, including judges, court clerks, lawyers and experts, to access the information system of the courts, to register and review cases. This prevents unauthorized persons from accessing case information and documents without permission, the statement said.

The establishment of the new courts reflects the efforts of Dubai Courts to increase the speed and efficiency of dispute resolution, improve the protection of investors and participants in the financial market and accelerate the development of the market, Khalid Al Mansouri, presiding judge of the Dubai Commercial Court Courts said.

Dubai Courts said it encourages the use of smart channels and applications to complete transactions, save time and effort, and avoid paperwork.

Updated: November 6, 2021, 11:36 a.m.

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