DIFC Courts said the value of claims in the first six months of the year surged 447 per cent from the year-earlier period despite a dip in the number of cases registered at its Court of First Instance.
The free zone’s court, which operates on an English common law system, said yesterday that the value of claims stood at Dh2.27 billion.
The figure refers to claims filed in the DIFC’s Court of First Instance, including arbitration-related cases and counter- claims.
The average value per claim in the Court of First Instance increased 490 per cent to Dh106.4 million.
However, the total number of cases filed fell to 21 in the first half of the year, from 23 a year earlier.
The largest claim that has been made public is for a case that the Belgium-based shipping company Bocimar International filed against Emirates Trading Agency in March.
Emirates Trading Agency is a subsidiary of Al Ghurair Group.
Bocimar filed the case to seek enforcement of two UK arbitration awards worth US$114.3m.
Emirates Trading Agency has signalled its intention to contest the jurisdiction of the court to enforce the awards.
“The value of claims filed so far this year exceeds the total value of claims filed in the whole of 2014, which itself was almost double the value of claims filed in 2013,” said Mark Beer, the chief executive and registrar of the DIFC Courts.
“This is a direct consequence of the initiatives we have put in place to enhance each court user’s experience and promote greater efficiency, accessibility and transparency,” he said.
“In accordance with the UAE Vision for 2021 we are proud to be playing our part in making the UAE one of the best and most advanced places in the world to do business.”
The Small Claims Tribunal (SCT) of the DIFC Courts also reported an increase in the value of claims for the first six months of the year, which rose 162 per cent to Dh4.6m.
The number of cases filed at the SCT climbed 134 per cent from the same period last year.
“Cases in the SCT are resolved in an expeditious, cost-efficient manner without the need for lawyers,” said Amna Al Owais, a judge of the SCT.
She is also the deputy chief executive and deputy registrar of the DIFC Courts.
“The SCT operates with a community approach that promotes settlement, with 90 per cent of SCT cases resolved in less than four weeks.”
jeverington@thenational.ae
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