DIFC Courts signs alignment accord with New York court

DIFC Courts has signed an agreement with the influential federal District Court for the Southern District of New York (SDNY), paving the way for easier enforcement of US commercial judgments in the Dubai free zone.

The agreement will provide companies operating in Dubai and New York additional contract certainty by setting out procedures for the mutual enforcement of money judgments.

“Much of the trade between the US and UAE originates from, or is routed via, New York and Dubai, so there is an imperative for the courts systems of both jurisdictions to work together to support the needs of business,” said Dubai International Financial Centre Courts’ chief justice, Michael Hwang.

“This memorandum with one of the world’s premier commercial courts builds on our existing comprehensive enforcement regime, and brings additional certainty to investors during a time of rising economic confidence in both the UAE and United States.” SDNY is one of oldest and most influential courts in the world, with jurisdiction over both Wall Street and the wider New York finance community.

“Because commerce is now so international, it is more necessary than ever for judgments rendered in one court to be easily recognised in other countries,” said the chief judge at SDNY, Loretta Preska.

The agreement with SDNY follows similar arrangements that DIFC Courts holds with international bodies including the Commercial Court of England and Wales, the Supreme Court of Singapore, the Federal Court of Australia and the New South Wales Supreme Court.



Uefa Champions League, last-16 second leg
Paris Saint-Germain (1) v Borussia Dortmund (2)
Kick-off: Midnight, Thursday, March 12
Stadium: Parc des Princes
Live: On beIN Sports HD

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Three and a half stars

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

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