UAE- DIFC Dispute Resolution Authority signs MoU with DED

12/9/2015 5:03:19 AM

(MENAFN- Emirates News Agency (WAM))

DUBAI 9th December 2015 (WAM) -- The DIFC Dispute Resolution Authority (DRA) with its ancillary body the DIFC Wills and Probate Registry (WPR) today announced the signing of a Memorandum of Understanding MoU with the Department of Economic Development (DED) to ensure the rapid facilitation of probate court orders covering the Dubai assets of those who have registered their wills with WPR.

The MoU marks an important step forward in the development of the DRA and WPR by officially outlining a process in conjunction with a major government department.

The memorandum outlines articles facilitating a clear flow of information between WPR DIFC Courts and DED. The MoU complements existing legal and administrative processes in Dubai and sets out how information will be exchanged including information relating to business licenses and shares and how this information will be handled securely. It also outlines the specific roles and responsibilities of the parties involved in the sharing of this information.

The establishment of a joint committee between WPR and DED is also proposed in the memorandum's articles. This will enable both parties to meet on a regular basis and discuss how the working relationship can be further refined.

Sami Al Qamzi Director-General of DED said "Dubai continues to emerge as a global commercial and financial hub. To ensure transparency and investor trust it is important that people feel confident that their Dubai-based assets will be transferred according to their wishes upon their death. The DRA's ancillary body the DIFC Wills and Probate Registry is providing an important service and we are pleased to be working in conjunction with them for the continued success of Dubai."

Michael Hwang Head of the DRA and Chief Justice of the DIFC Courts said "The signing of the memorandum of understanding with the Department of Economic Development is an important milestone for the DRA and the DIFC Wills and Probate Registry. It gives clear guidelines for the process regarding distributing business shares and licenses registered with the DED in Dubai which have been gifted to beneficiaries for registered wills under the WPR. This will also encourage the facilitation of probate court orders in line with current enforcement procedures via the Dubai Courts at an important time for Dubai's business and investment market. One of the key aims of the WPR is to provide legal certainty and a comprehensible inheritance solution for non-Muslims with assets in Dubai. This signing is an important step which initiates clear processes in partnership with key government bodies in order to achieve this goal."

WAM/Esraa/AAMIR

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.