Financial market

Dubai forms two specialized courts to settle disputes in 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 speed up resolution of securities-related disputes.

The new courts will focus on resolving disputes over securities, stocks, bonds and other financial instruments, the Dubai media office said in a statement on Saturday.

The ruling is aimed at ensuring swift delivery of justice in the financial sector and raising the stature of the justice system in the global commercial justice community, the statement added.

The formation of the new courts supports directives from Sheikh Mohammed bin Rashid, vice president and ruler of Dubai, to introduce new initiatives to help the emirate’s efforts to achieve greater success and excellence in a new phase of growth, Taresh Al Mansouri, managing director of Dubai Courts, said.

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

The intelligent system will cover all stages of the legal process, starting from the filing of an application. It will also allow users to attach supporting documents and reports, sign with digital signatures and verify the identity of those involved in hearings and legal proceedings remotely.

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

The online system allows judges and relevant departments to track cases, deliver judgments and enforce rulings around the clock, courts in Dubai have said.

The system can regulate the authorization for officials, including judges, court staff, lawyers and experts, to access the court information system, register and review cases. This will prevent unauthorized persons from accessing the information and documents in the case without authorization, the statement added.

The creation of the new courts reflects the efforts of the courts in Dubai to increase the speed and efficiency of dispute resolution, improve the protection of investors and participants in the financial market and accelerate the development of the market, Khalid Al Mansouri, judge in head of Dubai Commercial Court Courts said.

Courts in Dubai have said they are encouraging the use of smart channels and apps to complete transactions, saving time and effort and avoiding paperwork.

Update: November 6, 2021 11:36 a.m.