DIFC Courts Signs Landmark Cooperation Agreement With Law Society Of Hong Kong

The Dubai International Financial Centre (DIFC) Courts has formalised a cooperation agreement with The Law Society of Hong Kong, a prominent financial hub in Asia. This agreement was signed during a visit by a Hong Kong delegation to Dubai, which included Paul Lam SC, Secretary for Justice of the Hong Kong Special Administrative Region Government, and the Hong Kong Trade Development Council (HKTDC).

Justice Omar Al Mheiri, Director of DIFC Courts, highlighted the significance of modern commercial courts in the region. He stated, "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. Crafting productive partnerships underpins this objective. By collaborating with other legal bodies globally to explore practical synergies and share best practices, DIFC Courts aim to support their respective business communities and economic success.

The agreement aims to foster investor confidence and enhance access to justice. It will also strengthen relations between two leading common law institutions, facilitating more confidence for businesses from Hong Kong and the UAE transacting between two of Asia's leading financial centres.

C. M. Chan, President of The Law Society of Hong Kong, noted that this is "the first agreement of its kind between The Law Society of Hong Kong and a Middle East courts system". He expressed confidence in its potential to significantly enhance legal and judicial sectors, fostering collaboration between businesses in both regions and worldwide.

Economic Impact

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

This cooperation agreement is expected to further solidify economic ties between Hong Kong and the UAE, promoting mutual growth and development in both regions.

With inputs from WAM