Dubai forms two specialised courts to settle financial market disputes

Dubai Courts is also forming a law enforcement committee for the emirate’s financial markets

Dubai Courts will form a law enforcement committee for the emirate’s financial markets and establish two new courts within its Commercial Court to expedite the resolution of disputes related to securities.

The new courts will focus on dispute resolution in securities, shares, bonds and other financial instruments, the Dubai Media Office said in a statement on Saturday.

The move aims to ensure the speedy delivery of justice in the financial sector and raise the judicial system’s stature in the global commercial judicial community, the statement added.

The formation of the new courts supports the directives of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, to introduce new initiatives to assist the emirate’s efforts to achieve greater success and excellence in a new phase of growth, Taresh Al Mansouri, director general of Dubai Courts, said.

The new courts will feature a remote litigation system with interactive technology that can be easily used by all parties, including judges, advocates, experts and litigants, the statement said.

The smart system will cover all stages of legal proceedings, starting from the submission of a request. It will also allow users to attach supporting documents and reports, sign with digital signatures and verify the identity of persons involved in hearings and remote legal proceedings.

The remote litigation system can also be used to facilitate case management and remote judgments.

The online system allows judges and relevant departments to follow up on cases, issue judgments and enforce rulings around the clock, Dubai Courts said.

The system can regulate authorisation for officials, including judges, court staff, advocates and experts, to access the courts’ information system, register and review cases. This will prevent unauthorised individuals from accessing case information and documents without permission, the statement added.

The establishment of the new courts reflects Dubai Courts’ efforts to raise the speed and efficiency of dispute resolution, enhance the protection of investors and participants in the financial market and accelerate the market’s development, Khalid Al Mansouri, chief judge of the Commercial Court at Dubai Courts, said.

Dubai Courts said it is encouraging the use of smart channels and applications to complete transactions, saving time and effort and avoiding paperwork.

Updated: November 6th 2021, 11:36 AM