Dubai, UAE — Dubai’s position as the leading hub for international dispute resolution has been further strengthened as the Dubai International Financial Centre (DIFC) Courts reported a staggering 692 percent increase in the overall value of claims during the first half of 2023 compared to the same period last year.
The total value of 455 cases filed reached AED 15 billion. The Court of First Instance (CFI) witnessed 52 cases with a total value of AED 14.9 billion, translating to an average case value of AED 427.2 million. Meanwhile, the Arbitration Division under CFI experienced an upswing with a total value of AED 12.9 billion and an average claim value of AED 1.6 billion.
The cases spanned various sectors, including banking and finance, real estate, construction, manufacturing, retail, hospitality, and maritime.
They involved disputes related to breach of contract, outstanding payments, wills & probate, and employment. Remarkably, 52.5 percent of the claims in the CFI originated from parties ‘opting-in’ to use DIFC Courts for dispute resolution, reflecting their growing trust in the Court’s expertise and efficiency.
In addition to its dispute resolution services, the DIFC Courts’ Wills registration service has also seen substantial growth, with 766 wills registered in the first half of 2023, marking a 37.8 percent increase from the same period in 2022. The service enables non-Muslim residents and investors in the UAE to pass on their assets and appoint guardians for their children through will registrations.
To adapt to the changing circumstances during the COVID-19 pandemic, the DIFC Courts leveraged digital infrastructure and videoconferencing for remote will registrations, offering greater convenience and accessibility.
The Court’s commitment to sustainability was reinforced through the expansion of its digital infrastructure storage at Moro Hub’s green data center, the world’s largest solar-powered facility. This state-of-the-art data center offers advanced services in digital transformation, cloud hosting, cybersecurity, and more, ensuring secure and scalable operations for the DIFC Courts’ digital ecosystem.