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Mon 28 Oct 2019 05:45 PM

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Abu Dhabi's new commercial court settles $15m dispute in 12 days

Under-Secretary of the Judicial Department hails role of new court, says dispute would previously have been heard over 180 days

Abu Dhabi's new commercial court settles $15m dispute in 12 days

The dispute was related to the implementation of a sale contract between an international holding company and a bank.

The recently formed Commercial Court of the Abu Dhabi Judicial Department has settled a dispute valued at AED52 million ($15 million), it has been announced.

The judgment was reached in a record time of 12 days from the date the lawsuit was filed.

The dispute was related to the implementation of a sale contract between an international holding company and a bank, state news agency WAM reported.

It added that historically, a dispute of this nature would be heard in an average of eight sessions over 180 days.

However, since the formation of the Commercial Court less than two months ago, it has issued 1,500 judicial decisions and settled over 420 payment orders in one week, following the registration of the case.

The Under-Secretary of the Judicial Department, Chancellor Yousuf Saeed Alabri, said that running an efficient justice system and the prompt settlement of disputes are some of the most important objectives set by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and chairman of the Abu Dhabi Judicial Department.

Alabri added that this landmark case exemplifies how commercial matters are now being handled in Abu Dhabi, creating a highly attractive environment for investment.

In 2019, Abu Dhabi was ranked eighth globally and the first regionally in the contract enforcement index, which measures the effectiveness of the judicial system in adjudicating commercial disputes, WAM added.