The Abu Dhabi Judicial Department and Abu Dhabi Global Market Courts, which supports the financial free zone with an independent common law framework, have signed an agreement for the reciprocal enforcement of their judgments.
The move aims at supporting the Abu Dhabi Government in enhancing the emirate's international competitive position and creating an environment capable of attracting investment, ADGM said in a statement on Wednesday.
“The memorandum of understanding establishes clear procedures for the reciprocal enforcement of the judgments and decisions of the two courts, which saves time, effort and expenses incurred by the parties in litigation,” said Chancellor Yousuf Al Abri, Undersecretary of Abu Dhabi Judicial Department.
“This is within the strategic priority of the Judicial Department to facilitate access to justice and improve the quality of the judicial and justice services.”
The pact paves the way to provide parties involved in litigation with the information they require in terms of enforcement of judgments in accordance with the judicial system of Abu Dhabi, he added.
ADGM Courts supports the free zone with a fully independent, common law framework to adjudicate civil and commercial disputes. The courts and its judiciary are broadly modelled on the English judicial system, and its regulations and supporting rules were enacted by ADGM's board of directors and the Chief Justice respectively in December 2015.
“This outstanding development of the collaboration between Abu Dhabi Judiciary Department and ADGM Courts reinforces the strong leadership of Abu Dhabi’s judiciary in cementing Abu Dhabi’s global presence in dispute resolution,” said Ahmed Al Sayegh, chairman of ADGM.
ADGM, which opened for business in 2015, is home to a number of financial institutions, including French lender BNP Paribas, which established a branch in the financial free zone in February.
Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds is also establishing a presence in the financial centre.
"The ADGM has established itself as a leading international financial centre and an important catalyst for the continued growth of the investment community in Abu Dhabi, the UAE and the wider region," Adia's managing director Sheikh Hamed bin Zayed said in a statement on Tuesday. "Adia is pleased to join an increasing number of significant global institutions that have established a presence at the ADGM and looks forward to contributing to the centre's continued development."
Adia, said Mr Al Sayegh, has been a highly-regarded and globally-recognised investment institution for decades and plays a vital role in the Abu Dhabi economy and beyond.
"We are delighted to welcome them to ADGM and look forward to welcoming other new partners from local, regional and global jurisdictions as we continue to build our platform,” he said in a statement on Tuesday.