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Dubai is exploring applying English common law within its free zones to boost the emirate’s economic appeal and efficiency.
“This potential adoption aligns with Dubai’s progressive approach to cultivating a dynamic, responsive legal framework that caters to investors’ aspirations and bolsters global competitiveness,” the Dubai Media Office said.
“The initiative supports the economic objectives outlined in the Dubai Economic Agenda D33, which aims to position Dubai among the top three global economic hubs,” it added.
The agenda includes 100 transformational projects, with economic targets of $8.7 trillion over the next ten years, doubling our foreign trade to reach $6.9 trillion and adding 400 cities as key trading partners over the next decade.
Abu Dhabi Global Market, the UAE capital’s international financial center, is the first and only jurisdiction in the Middle East to implement the direct application of English common law. It serves as the foundation of civil and commercial law in the hub.
Its flexibility suits business dealings, particularly in a financial context, ADGM said. Common law allows for flexibility and adaptability to changing circumstances. It will allow the law to respond to new situations and societal needs.
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