Dubai Launch party

The United Arab Emirates has seen a period of huge growth and has attracted multinational companies and institutions to set up business in the region. In response to the influx of international businesses, the Dubai International Finance Centre has evolved. The Dubai International Finance Centre (“DIFC”) is a 110-acre tax free zone which focuses on several sectors of financial activity. The vision of the Dubai Government is to create a regional capital market alongside London, New York and Hong Kong. One of the many advantages of being a member of the DIFC is that if a member finds itself embroiled in a dispute, it does not have to use the Dubai courts but can instead use the DIFC courts for litigation or the DIFC arbitration centre (affiliated to the LCIA) for arbitration. In addition, Dubai has its own arbitration centre, the Dubai International Arbitration Centre (“DIAC”) that has been established since 1994 and has its own rules and regulations to deal with disputes many of which are based on arbitration rules already found in other arbitration jurisdictions. The indications are that rather than taking their disputes to their own jurisdictions, international companies will increasingly use the DIAC and DIFC and arbitration work is expected to be a growth area in Dubai.

Merrill has been making its presence felt in the region and is already the official provider of transcripts for the DIFC courts and has done work in the DIAC and with the DFSA (Dubai Financial Services Authority). As well as providing legal services, Merrill’s financial print team has carried out two Initial Public Offerings (“IPOs”) in Dubai, one for Future Pipe and the other for Dubai Ports, and received excellent feedback on both jobs. Merrill is also able to offer Arabic typesetting which has been a great advantage to our clients.

Merrill has also had great success with the installation of Digital Audio Recording and Video equipment in the courts and has been awarded a contract in Bahrain and two in Abu Dhabi. The response to the installations has been excellent and Merrill is talking to other court centres in the region and also looking to establish a relationship with an Arabic transcription partner.

In November, Merrill held a launch party at the DIFC with stunning views of the DIFC’s Gate Building and the iconic Emirates Towers. We were joined by Michael Hwang SC, Deputy Chief Justice of the DIFC courts; Haider Afridi of Afridi & Angell, the largest local law firm and also lawyers from Clifford Chance, Denton Wilde Sapte, Clyde & Co and Ince & Co. Many of our financial print clients were also able to attend along with members of the banking and financial services sector, and it made for a very interesting evening.

Vicky Harris, Business Development Director, says: “We have been visiting the Gulf region for the past 18 months and we are excited by the opportunities in this rapidly expanding financial centre. The launch party was a great chance to meet members of the Dubai legal and financial community and to hear their views on the current economic climate and its impact on the market in the region. We are planning to spend more time in Dubai during 2009 and, if our business continues to grow as it has done, we will be considering becoming a permanent presence in the region.”

For further information on our services in the United Arab Emirates, please contact Vicky Harris on 07813 187 382 or by e-mail to vicky.harris@merrillcorp.com