The Middle Eastern jurisdiction has signed a co-operation deal with its Malaysian counterpart.

The Dubai International Financial Centre, the financial jurisdiction in the United Arab Emirates, has forged a co-operation deal with the Federal Court of Malaysia, one of its counterparts in Asia. The pact covers procedures to mutually recognise and enforce judgements.

The agreement comes at a time when bilateral trade between the UAE and Malaysia is estimated to be worth $6 billion per year, according to a DIFC statement yesterday. 

“The DIFC Courts now have formal relationships in place with four of Asia’s largest and most dynamic economies. Given Malaysia’s strong industrial and financial services base, the country has been a priority for some time. This agreement represents another significant step forward for trade ties between the UAE and Malaysia that will provide practical assistance to investors, businesses and lawyers in both countries,” said DIFC Courts Chief Justice Michael Hwang. 

The DIFC Courts have enforcement agreements in places with trading partners, including the Commercial Court of England and Wales, US District Court for the Southern District of New York, Supreme Court of Singapore, Federal Court of Australia, New South Wales Supreme Court, Supreme Court of Korea, High Court of Kenya (Commercial and Admiralty Division), and Supreme Court of the Republic of Kazakhstan.