Dubai Financial Market (DFM) signed Memorandum of Understanding (MoU) with Dubai Courts to further reinforce cooperation between both sides as well as to streamline joint measures in terms of actions taken by Dubai Courts in regards to DFM’s participants. Under this MoU, Dubai Courts will be directly connected with DFM’s electronic services platform, which will be the official channel for applications related to any judicial actions relevant to market participants.
His Excellency Taresh Eid Al Mansouri, Director General of Dubai Courts and His Excellency Essa Kazim, Chairman of DFM signed the MoU in the presence of senior representatives from both sides.
The MoU paves the way for further cooperation and knowledge sharing between the two sides and provides a clear framework for the implementation of Dubai Courts rulings related to court restriction, court release and court sell orders, as well as the distribution of cash dividends for investors whose shares are seized by the court.
This step clearly indicates the deep belief of both DFM and Dubai Courts in the importance of coordination and cooperation in further reinforcing the efficiency of their activities as well as reinforcing efforts to strengthen the leading position of Dubai and the UAE in terms of business excellence and quality of services.
H.E. Taresh Eid Al Mansouri, Director General of Dubai Courts said, "The joint convention lays a solid foundation for closer cooperation with DFM to establish clearer standards and guidelines for the protection of the financial investment community, which paves the way for us to continue in the efforts being led by Dubai Courts as an influential contributor and a pivotal player in placing the UAE as the first in ranking among Arab countries for the third year in a row and in the 31 countries within the World Bank report on the ease of doing business for 2016. We are confident that the new move will have positive impact and tangible effects on the protection of the interests of investors and traders within DFM, which in turn will contribute to the move to achieve the goals of Dubai 2021, which focuses on making the Emirate a highly preferred investment destination."
His Excellency Essa Kazim, Chairman of DFM said, “At DFM, we welcome the signing of this MoU with Dubai Courts as part of our commitment to collaborate with concerned institutions to further enhance Dubai’s favorable and attractive environment for investment. In fact, this significant step and its effects result through the enhancement of communication channels between the two sides with the use of DFM’s electronic services platform as an official communication channel. This step is in line with the vision and directions of the wise leadership that emphasizes on the importance of utilizing the advanced technologies to provide smart and innovative services to market participants. Accordingly, we have developed efficient and secured channels to connect with various entities including Dubai Courts, which helps us to rapidly and effectively process applications.”
