Dubai International Financial Center (DIFC), which is waiting for the final go-ahead from federal authorities before it takes off, will establish independent law courts after the enactment of the Commercial Courts Law, Zawya.com reported.
David King, managing director of supervision at Dubai Financial Services Authority (DFSA), said the court will enjoy unlimited civil and commercial jurisdiction.
He said that the courts will operate under the supervision of an internationally reputed chief justice and will be totally independent from DIFC and DFSA. DIFC will also have its own Arbitration Law with internationally recognized standards.
Fifteen of the 20 laws, which are meant to create the legal environment for DIFC, have already been drafted. Regulatory Law, the Markets Law, Companies Law, Limited Liability Partnership Law, General Partnership Law and the Contracts Law are some of the laws, which have already been drafted.