Dubai?s DIFC Courts has signed its first Memorandum of Guidance (MoG) with the High Court of Kenya to reinforce the UAE?s position as a major economic gateway to East Africa
According to the Dubai Chamber of Commerce & Industry, the emirate?s non-oil trade with Africa increased by 700 per cent in the last decade. Specifically, Kenya?s non-oil trade volume with Dubai was estimated to be worth around US$1.2bn, making the East African nation the UAE?s 50th biggest trade partner.
Micheal Hwang, chief justice of DIFC Courts, said, ?With trade between Africa and the UAE at record levels, it is essential that international commercial courts work together to support the growing number of businesses operating across borders. Being the first we have signed with an African nation, this memorandum is a landmark document for the DIFC Courts and also indicative of Kenya?s emergence as a major regional economy.?
The MoG would add an additional layer of clarity and certainty for companies operating in both countries, by defining procedures for mutual enforcement of financial judgments between the DIFC Courts and High Court of Kenya, added Hwang.
Githu Muigai, attorney general of Kenya stated that since the UAE is one of Kenya?s leading bilateral trade partners, the judicial systems in both nations must support and protect cross-border commerce. The memorandum would further lead to improving equations between the business community in both countries and enhance certainty entering into cross-border contracts, he added.
