Dubai, United Arab Emirates; 25 October 2023: The Dubai International Financial Centre (DIFC) Courts has signed an agreement with Ras Al Khaimah Digital Assets Oasis (RAK DAO) that will drive greater awareness of DIFC Courts digital economy services to businesses operating within Ras Al Khaimah’s newly launched digital economy freezone.
The memorandum with foster closer cooperation on projects and initiatives designed to boost the UAE’s vision for a thriving digital economy and in support economic ambitions. The agreement will also promote closer alignment and collaboration across specific digital economy services provided by both organisations.
The DIFC Courts is currently operating on a new roadmap for the years 2022-2024, which includes a strategic work plan that brings more national cohesion to the Courts' projects and initiatives in line with the ‘D33’ economic agenda and the Dubai Digital Strategy. This in turn is providing effective support for both the federal and local Dubai strategic goals.
His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “Expectations from the private sector increasingly require the bold engagement of public service. By combining a modern and flexible digital infrastructure with judicial and service excellence, the DIFC Courts will continue to align our operations with the national agenda. As the UAE begins to nurture new digital economy verticals, the number of foreign organisations entering the market will inevitably increase. The DIFC Courts and RAK Digital Assets Oasis will collaborate through this agreement to assure these businesses that we remain on standby to accommodate the growing digital economy and resolve new types of cases and disputes.”
At GITEX Global 2022, the DIFC Courts launched a global digital vault engineered to help address issues of storage and security of documents and to enable individuals to transfer digital data to one secure location. ‘tejouri’ enables the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilised by all individuals globally.
All uploaded life admin files will be secured under the highest standards of security regulation, using multiple factors of authentication, encrypted data, personalised biometric information, and safe-keeping ledgers through advanced cryptography. Using Distributed Ledger Technology (DLT), the vault also ensures the transmission of your entire portfolio to your designated stakeholders, or loved ones, at a key time.
Dr Sameer Al Ansari, Chief Executive Officer, RAK Digital Assets Oasis, said: “We are thrilled to partner with the DIFC Courts. This collaboration marks a significant step in fostering a more dynamic digital ecosystem within our newly established free zone in Ras Al Khaimah. We believe that this partnership will greatly enhance the accessibility and awareness of the DIFC Courts' digital economy services, providing valuable support to the companies of the future in our thriving digital oasis."
RAK DAO is the world’s first and only common law free zone dedicated to global digital and virtual assets companies, empowering innovators in their journey to build the future of Web3 and blockchain technology across industries, promising to disrupt traditional business models and unlock the full potential of digital assets.
In 2021, the DIFC Courts confirmed the launch of a new Division. The international Digital Economy Court (DEC) simplifies the settlement process of complex civil and commercial disputes related to the digital economy, reviewing national and international claims related to current and emerging technologies, including big data, blockchain, cryptocurrencies, artificial intelligence, and cloud services.
The Digital Economy Court is a global initiative that operates in parallel, helping to build a new judicial support network to serve the stringent demands of digital transformation and adoption. Leading international judicial expertise has been recruited to oversee and operate the new Court’s cutting-edge digital infrastructure and service capabilities, complementing an existing portfolio of specialised Divisions, including the Technology & Construction Division and the Arbitration Division, launched by the DIFC Courts to serve an expanding demand for judicial expertise across sector-specific cases.
The launch of the new Division also signals to the international business community the intent of Dubai and the UAE to play a leading role in advancing its judicial systems to specifically direct capacity and capability to resolving digital economy-related disputes, whilst also utilising some of the very same cutting-edge technologies to enable greater efficiency of service to the public.
By offering a transparent legislative framework and fostering a vibrant ecosystem, where companies have everything they need to imagine, develop, execute and thrive, RAK DAO drives the future of emerging sectors, propelling innovation, and unlocking the potential of digital assets.
The free zone aims to become the epicentre for digital asset innovation on a global scale. By attracting international partners and fostering collaboration, it strives to position Ras Al Khaimah as a leading hub for innovation and enhance its competitiveness as a global destination for business in the digital age.
Established in 2004, the DIFC Courts is Dubai’s international English language common law judicial system and forms a key part of the legal system of the United Arab Emirates (UAE). It was established with the specific objective to enable the international community in the UAE to have greater confidence in the Emirate’s legal framework and to further strengthen investment and trade relations with Dubai and the UAE.
In 2011, the jurisdiction of the DIFC Courts was extended beyond the financial centre for international businesses, thereby enabling any two parties from any global location to use the DIFC Courts by ‘opting-in’ to this neutral global jurisdiction.
