Abu Dhabi’s Ruler, Sheikh Khalifa bin Zayed Al Nahyan, President of the State, issued a law amending some provisions of Law No. 4 of 2013 regarding the Abu Dhabi Global Market.
According to the Emirates News Agency, the amendments in the commercial and organizational aspect of the market include formalizing the dual licensing system that was established in cooperation with the Department of Economic Development - Abu Dhabi, which It enables companies registered with the Abu Dhabi Global Market to establish branches, companies or representative offices for them in Abu Dhabi without the need for a place of residence outside the Abu Dhabi Global Market, in addition to obliging persons licensed by the Department of Economic Development to work within the geographic region of the global market before applying the provisions of this The law is to obtain the necessary permit, license or registration from the global market authorities, unless they are excluded according to the regulations of the global market or by a decision of the board of directors.
Most of the other amendments focus on improving and strengthening the Abu Dhabi Global Market dispute resolution framework, especially with regard to the jurisdiction of the Abu Dhabi Global Market Courts.
These amendments include providing the opportunity for the parties to choose the Abu Dhabi Global Market Courts to settle their disputes without the need for the presence of what links them to the Abu Dhabi International Market and strengthening the position of Abu Dhabi International Market courts as courts of the judicial system For Abu Dhabi and stipulating that the rulings of the Abu Dhabi Global Market Courts will be issued in the name of the ruler of Abu Dhabi.
The amendments also include documenting the framework for the exchange of enforcement of rulings between the Abu Dhabi Global Market Courts and the courts of the Emirate of Abu Dhabi, and clarifying that the provisions of the Abu Dhabi Global Market Courts will not be used to enforce judgments and arbitration decisions that are not It has a relationship with the Abu Dhabi Global Market within other jurisdictions outside the Emirate of Abu Dhabi.
