In an effort to enhance their strategic goals and interests, Ajman Media City Free Zone (AMCFZ) has signed a Memorandum of Understanding & Mutual Cooperation with the Dubai International Financial Centre (DIFC) Courts, to consolidate support and cooperation between AMCFZ and DIFC Courts and provide the two parties with the opportunity to consult, cooperate and exchange information in the areas of mutual interest.
HE Al Hashemi expressed his pleasure to sign the MoU, pointing out that this confirms the keenness of AMCFZ to create a safe investment climate that preserves all the rights of the investors and their partners in a manner consistent with the highest international standards, thereby attracting more capital and investors.
Al Hashemi also stated that since its inception, AMCFZ has endeavoured to provide investors with all facilities and to smooth out any difficulties that may face them, in line with top quality standards, recalling in this regard the large package of facilities adopted by AMCFZ to mitigate the impact of Covid-19 pandemic on investors.
Al Hashemi stressed that this MoU would have a positive impact not only on signatories but also on all businesspersons, investors and clients of both AMCFZ and DIFC Courts.
HE Omar Al Mheiri, Deputy Chief Justice of DIFC Courts, thanked AMCFZ for its keen efforts to cooperate with the DIFC Courts, with the aim of protecting investors' rights and privileges.
The DIFC Courts is independent, but complimentary to the UAE’s Arab language, civil law system, and located at the core of Dubai’s financial powerhouse, the DIFC Courts administer a unique common law, English language jurisdiction, which governs commercial and civil disputes, national, regionally, and worldwide.
Local UAE lawyers, international law firms and lawyers, and companies, can best use the DIFC Courts by ensuring that they write the court’s jurisdiction into their contracts for dispute resolution.
Under the MoU, the two parties will utilise their capabilities to exchange information, statistics, publications, magazines, periodicals and regulations governing their public service activities so as to benefit users and the public. The Memorandum is based on the applicable legal systems and complements the existing legal and administrative procedures in the UAE.
The MoU also will benefit the economic growth, attract investments in Ajman's real estate sector and also enable AMCFZ to fulfill its commitments and obligations efficiently and competently.
According to the Memorandum, the parties should coordinate with each other to launch joint independent awareness initiatives, aiming to create awareness to the public with the services of the parties.
