DIFC Consultation No. 1 of 2024
The Dubai International Financial Centre Authority ("DIFCA") has issued DIFC Consultation No.1 of 2024 ("Consultation Paper") which proposes amendments to DIFC Law No.3 of 2004 ("Application Law"). The Consultation Paper centres on the application of civil and commercial Laws in the Dubai International Financial Centre ("DIFC") and is designed to assist with providing certainty to sources and interpretation of DIFC law. Focus on the need to provide such certainty arose following the decision by the DIFC Court of Appeal in The Industrial Group Limited v Abdelazim El Sheikh El Fadil Hamid [2022] DIFC CA 005/006 ("Industrial Group"), which highlighted two issues with the historic approach taken by the DIFC Courts. The amendments will be enacted by way of DIFC Law No.6 of 2024 ("Proposed Amendment Law").