16 November 2017, UAE: RAK International Corporate Centre (RAK ICC), Abu Dhabi Global Market Courts (ADGM Courts) and Abu Dhabi Global Market (ADGM) are pleased to establish a strategic partnership to cooperate and coordinate their efforts in relation to initiatives that will bolster effective and best-in-class dispute resolution services within the United Arab Emirates (UAE).
This is a significant milestone and development in the collaboration and management of the resolution of disputes for the local and global business and investment community operating in the UAE. The Memorandum of Understanding (MoU) was signed by RAK ICC, ADGM and ADGM Courts today at the ADGM Authorities Building on Al Maryah Island, Abu Dhabi’s financial free zone. This partnership ensures that commercial entities registered with RAK ICC will have relevant information and timely access to common law based dispute resolution services provided by ADGM and ADGM Courts. The three authorities have committed to exchanging information and ideas of relevance to business and investors and to explore mutually beneficial initiatives and activities.
"We want to provide RAK ICC clients with an alternative dispute resolution and arbitration system to help them resolve issues they may face," said His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK ICC. "I am pleased to say that our partnership with ADGM and the ADGM Courts connect RAK ICC clients to the best-in-class dispute resolution services. We are confident that with ADGM’s high-standard regulations our clients will be granted fairness and efficiency in times of dispute. As always, RAK ICC will remain committed to building relationships with other entities to provide our clients with premier services."
H.E Ahmed Al Sayegh, Chairman of ADGM said: "We are pleased to further our long-term relationship with RAK ICC through this partnership. This also dovetails well with our commitment to providing internationally-aligned arbitration and dispute resolution services that support UAE-based companies and commercial entities. It is also important to stress that ADGM Courts’ Regulations and ADGM’s Arbitration Regulations provide a regime for the enforcement of ADGM Courts’ judgments and ADGM arbitral awards respectively within and outside the jurisdiction of ADGM. We look forward to working closely with RAK ICC to provide their registered entities direct access to our suite of dispute resolution services."
Lord David Hope of Craighead, KT, Chief Justice of ADGM Courts, said: "I too welcome this important development in our relationship with RAK ICC. The dispute resolution services that ADGM and ADGM Courts are now equipped to provide, which are based on the common law, are up to date, easy to use and meet the highest international standards. They provide sound and secure systems for all those commercial entities within the UAE who may wish to make use of them. We at ADGM Courts look forward very much to strengthening our links with RAK ICC, and to enjoying the benefits of what we can achieve together in the best interests of the UAE."
ADGM Courts are common law courts with a legislative framework founded upon well-established, recognised and accepted principles of the common law and a judiciary made up of highly experienced and respected judges from the world’s leading common law jurisdictions.
About RAK International corporate Centre:
RAK International Corporate Centre (RAKICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates.
RAK International Corporate Centre is the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly a part of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority). RAK International Corporate Centre (RAKICC) was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016.
RAK International Corporate Centre is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business Company activity. RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry.
RAK International Corporate Centre will be at the forefront of International Business Company formation services and continually develop our suite of products to meet the needs of our customers.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015. In keeping with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and the ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
ADGM is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linked : ADGM