Dubai – Masaader News
Dubai International Financial Centre (DIFC) Courts have taken another major step towards connecting with China’s leading dispute resolution centres through the signature of a Memorandum of Guidance (MoG) with the High Court of the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong High Court).
Devised as a practical mechanism to foster investor confidence and legal certainty, the MoG will serve as technical guide for the international legal and business communities on recognition and collection of money judgments in DIFC and Hong Kong.
Last year, trade between the UAE and Hong Kong alone totaled $10.87 billion, up from $10.59 billion in 2016. This figure is expected to rise further as Hong Kong consolidates its position as a leading commercial hub supporting the $5 trillion Belt and Road Initiative (BRI). The expansion in trade and investment between UAE, Hong Kong and mainland China means that disputes become increasingly inevitable, making the role of international commercial courts more important than ever before.