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DIFC Courts Signs Cooperation Agreement with The Law Society of Hong Kong

The agreement was formalised during a visit to Dubai by a Hong Kong delegation

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Staff Writer, TLR

Published on May 25, 2024, 13:02:15

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difc, difc courts, the law society of hong kong

The Dubai International Financial Centre (DIFC) Courts have signed a cooperation agreement with The Law Society of Hong Kong, one of Asia's leading financial centres.

The agreement was formalised during a visit to Dubai by a Hong Kong delegation, which included Paul Lam SC, Secretary for Justice of the Hong Kong Special Administrative Region Government and representatives from the Hong Kong Trade Development Council (HKTDC).

Justice Omar Al Mheiri, Director of DIFC Courts, highlighted the significance of the agreement, stating, "the development of modern commercial courts should rank among the region's foremost achievements of the last two decades; not the facilities themselves, but rather the certainty that they have brought to the domestic and international businesses and individuals operating in the region.

"Connectivity is one of the four mission pillars of the DIFC Courts, and crafting productive partnerships underpins this objective. By working together with other legal bodies from across the world to explore practical synergies, and by sharing best practices, we will be best able to support our respective business communities and the economic success of our respective states."

The agreement aims to enhance investor confidence and promote greater access to justice. It will strengthen relations between two leading common law institutions and boost business confidence for companies in Hong Kong and the UAE, facilitating transactions between two of Asia's key financial hubs.
CM Chan, President of The Law Society of Hong Kong, described the agreement as "the first of its kind between The Law Society of Hong Kong and a Middle Eastern courts system.

" He expressed confidence in the agreement's potential to significantly bolster the legal and judicial sectors, fostering collaboration between businesses in both regions and globally.

In 2024, Hong Kong's Census and Statistics Department reported that the non-oil foreign trade value between the UAE and Hong Kong surged from $9.4 billion in 2020 to $16.23 billion in 2022. This trend continued in 2023, with trade value reaching $16.2 billion in the first 11 months of the year.

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