The Dubai International Financial Centre (DIFC) Courts today released its annual figures for the full year of 2023.
The English-language, common law judiciary witnessed continued growth to help global businesses resolve their largest and most complex disputes while becoming the increasingly preferred forum for settling the smaller claims of corporations, SMEs, and individuals.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, highlighted the international appeal of DIFC Courts for dispute resolution. He attributed this success to Dubai's economic initiatives and digital strategies, empowering DIFC Courts with innovative technologies. The Courts' workload, including arbitration cases, reached 111 with a total value of AED16.5 billion.
Notably, the average case value for the Court of First Instance (CFI) was AED228.8 million, and for the Arbitration Division, AED955.2 million. The cases span sectors like finance and real estate, focusing on breach of contract and insolvency.
The Courts also saw 325 enforcement claims and 522 cases in the Small Claims Tribunal (SCT), reflecting its increasing role in SME dispute resolution, with a total claim value of AED52 million. Zaki Azmi, Chief Justice, praised the Courts' role in resolving diverse disputes and supporting SMEs' access to justice.
National connectivity
In 2023, DIFC Courts partnered with Dubai Chambers and Ras Al Khaimah Digital Assets Oasis (RAK DAO) to bolster collaboration in line with Dubai and the UAE’s economic goals. Justice Omar Al Mheiri noted the Courts' performance, highlighting their commitment to user-friendly procedures and efficient dispute resolution. They aim to support national economic ambitions by prioritizing transparent and accessible services. Future strategies will focus on enhancing dispute resolution offerings to meet evolving needs.
Ancillary services
The most noteworthy development within the ancillary services offered by the DIFC Courts was the surge in registrations of Wills: in 2023, the Wills Service registered over 1,500 Wills, a 26% increase from 2022. In addition, the total number of Probate applications related to Wills in 2023 rose 21% from 2022 to reach 28.
News Source: Emirates News Agency
