Ajman Free Zone Signs MoU With DIFC Courts
Ajman, United Arab Emirates - February 26th 2020: In support of Ajman Free Zone’s vision to provide an efficient business ecosystem, AFZ has signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC) Courts to promote the public wills service provided by the UAE’s first English-language common law court.
The agreement was signed by Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of Ajman Free Zone, and Zaki Azmi, Chief Justice of the DIFC Courts. The two parties stressed the need for cooperation to serve the investment environment within Ajman and the wider UAE.
In 2015, the DIFC Courts established an additional ancillary service in the form of the Wills Service Centre, a joint initiative of the Government of Dubai and the DIFC Courts that gives non-Muslims investing and living in the UAE the option to pass on their assets in accordance with the instructions in their Will.
The agreement will encourage greater awareness of this unique public service, assisting to provide further protection of investment in the Emirate of Ajman, and complementing and reinforcing the overall service of Ajman Free Zone.
Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of Ajman Free Zone said: “We are pleased to sign an MoU with the DIFC Courts as part of our vision to better our investment environment within the Free Zone and bring it in line with international standards with a view to attract more capital and investors. In AFZ, we do everything we can to overcome the difficulties and enable investors to conduct their business efficiently and achieve their accomplishments while maximising the overall contribution to the Emirate GDP.'
Zaki Azmi, Chief Justice, DIFC Courts said: “Recognising the increased demand, in 2019 the DIFC Courts amended its rules to expand the remit of this public service to assets held across the UAE and beyond. This cooperation agreement is another step towards creating greater awareness to residents and investors in the Emirate of Ajman. As the first jurisdiction in the MENA region to offer this service, registration of wills made by non-Muslims with the DIFC Courts ensures one’s assets will be distributed in accordance with his or her wishes and providing certainty.”
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