17 April 2007
I am sorry that I am unable to be with you today on this auspicious occasion.
Sheriff Richard Regan and I were delighted to have the opportunity to visit the DIFC Courts when we were in Dubai in February of this year on a Mayoral Visit.
We were able to see the facility of an International Court, with full internet facilities and jurisdiction for hearings and settlement of disputes across borders. This means disputes can be settled at hearings in one court with the parties to the dispute represented but in different countries simultaneously.
It is a model for the future which, with the sister court in Qatar, leads the way for dealing practically, where appropriate, with disputes that will arise in the in the world wide financial markets – in which London is the acknowledged as the leading centre.
We are delighted to welcome the formal launch of this innovative and impressive Court that will help to emphasise the advantages of a modern and innovative Financial Centre in this fast developing Area which is so important to the peace and prosperity of the World.
The City of London sends our best wishes for the future to all involved with the Court.