Financial free zone Abu Dhabi Global Market (ADGM) committed to a partnership with RAK International Corporate Centre (RAK ICC) and ADGM Courts on Wednesday, under which businesses in Ras Al Khaimah can have their dispute cases heard in Abu Dhabi.
“The Memorandum of Understanding [between] RAK ICC, ADGM and ADGM Courts ensures that commercial entities registered with RAK ICC will have relevant information and timely access to common law-based dispute resolution services provided by ADGM and ADGM Courts,” ADGM said.
The three authorities have also committed to exchanging information and ideas to businesses and investors and explore mutually beneficial activities, it added.
ADGM Courts are common law courts that have a judiciary comprising judges from the world’s leading common law jurisdictions, such as Singapore and Hong Kong
“We want to provide RAK ICC clients with an alternative dispute resolution and arbitration system to help them resolve issues they may face,” said the RAK ICC chairman Sheikh Ahmed bin Saqr Al Qasimi,
"As always, RAK ICC will remain committed to building relationships with other entities to provide our clients with premier services."
Ahmed Al Sayegh, the chairman of ADGM added: “This [partnership] dovetails well with our commitment to providing internationally-aligned arbitration and dispute resolution services that support UAE-based companies and commercial entities.
“It is also important to stress that ADGM Courts’ regulations and ADGM’s Arbitration regulations provide a regime for the enforcement of ADGM Courts’ judgments and ADGM arbitral awards, respectively, within and outside the jurisdiction of ADGM.”