The world’s first digital economy court has been launched in Dubai for promoting the smooth operations of digital economy enterprises by providing hassle-free legislative services.
The Dubai International Finance Center (DIFC) announced the decision on Wednesday as part of the goal to encourage digital business platforms in Dubai which are known to be a global hub for business and investments.
The new court enhances the ability of global companies and institutions
The new court’s activities and services will be managed and monitored by international experts in the judicial field. A group of international lawyers and industry experts were appointed to draft the specific rules and regulations that would be executed through standardized smart forms.
This will enable the processing of information through a smart, artificial intelligence-based platform. As per the new mandate of DIFC, paperless documentation will be done using advanced digital documentation procedures.
According to Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance, and Deputy Ruler of Dubai, the traditional public court services are being replaced by more innovative systems and this also helps in reducing the time needed for dispute resolution services.
He believes that the step to introduce a digital court would make it easier for digital economies to adapt to the fast-changing sector and also enhance the operations of companies from all over the world to shift to a digitally fostered future.
The Digital Economy Court Division was set up by the DIFC in 2021 with an aim to monitor complex national and international business disputes that can arise from the environment of new and advanced digital technologies like Artificial Intelligence, Fintech, Blockchain, cloud services, and Big data management.
The digital economy division is even equipped to handle cases involving unmanned aerial vehicles (UAVs), robots, and 3D printers. Following these new changes, in 2022, the DIFC courts took up a case that involved the dealings of cryptocurrency. The cryptocurrency litigation dispute raised in the DIFC court considered various sensitive points of legislation like the contract between the buyer and seller, the responsibility and obligation of the custodian of the cryptocurrency, etc.
The DIFC was established in 2004 as part of the efforts to create an International Common Law judicial system in Dubai and all the proceedings in the court are done with English as the language medium. The main aim of DIFC is to put forward a hand of trust from the UAE to the International community and to attract more investors, trade, talents, etc into the economy of Dubai.
The DIFC will be the global arm of the UAE judicial system that is entrusted with the responsibility of handling all the legislative concerns of the International community.
The new Digital economy courts are designed to face current digital economy-related disputes and also they are making headway in creating new legislations that are motivated by changing technology and the digital needs of a global digital economy.
Dubai is expanding its global business outlook with the launch of Digital economy courts and it further strengthens the vision of making the Emirates one of the pioneering economies in terms of modern legislation. The investment environment in the UAE is being nurtured with all possible strategies as they move towards the goal of a fully functional, thriving, non-oil economy.
The inspiring growth in the non-oil sector for the past two years has boosted the administration’s confidence in initiating developmental campaigns throughout UAE and Dubai. In terms of individual standard of living, UAE had introduced non-Muslim federal decree law that functions according to modern western legislations for topics related to marriage, divorce, asset distribution, etc.
The level of sensitivity in providing both legislative and economic benefits to the investors and expats of the UAE reflects in the productivity scale of the nation that strives to become a truly global community of exponential growth.