DNO - On February 28, continuing the working program in the United Arab Emirates, Central Party Committee member, Secretary of the City Party Committee, Head of the National Assembly Delegation of Da Nang City Nguyen Van Quang and members of the working delegation had a working session with the Board of Directors of Dubai CommerCity and Habib Al Mulla & Partners Law Firm.
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| Working session scene. Photo: Working Group |
Sharing at the working session with the Dubai CommerCity Board of Directors, Secretary of the City Party Committee Nguyen Van Quang said that Da Nang is the first locality in Vietnam to pilot the construction of a Free Trade Zone; at the same time, together with Ho Chi Minh City, Da Nang was chosen as the location to develop the International Financial Center model. The exchanges of Dubai CommerCity representatives are the basis for the city to refer to the development of a Free Trade Zone associated with exploiting accompanying services at the International Financial Center. The Secretary of the City Party Committee also asked the Dubai CommerCity Board of Directors to introduce UAE businesses and investors to study and expand business and investment activities in Vietnam.
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| Secretary of the City Party Committee Nguyen Van Quang and representatives of the Dubai CommerCity Board of Directors. Photo: Working Group |
Dubai CommerCity is the first and leading free economic zone dedicated to e-commerce in the Middle East, Africa and South Asia (MEASA) region. Dubai CommerCity was established to harness and promote the strong growth of start-ups and innovative businesses. Dubai CommerCity Authority plays a leading role in developing an ecosystem that provides investment support services through a network of businesses operating in Dubai CommerCity.
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| The delegation took a souvenir photo with the Dubai CommerCity Board of Directors. Photo: Delegation |
* During the working trip to Dubai, Secretary of the Da Nang Party Committee Nguyen Van Quang and his delegation had a working session with Habib Al Mulla & Partners Law Firm to learn about the legal system, jurisdictional mechanisms and business support policies at the Dubai International Financial Center (DIFC). DIFC - Transparent legal framework and business incentive policies.
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| The delegation took a souvenir photo with Habib Al Mulla & Partners Law Firm. Photo: Delegation |
At the meeting, the delegation studied the strict legal framework of DIFC, ensuring transparency and compliance with international law. One of the important factors that helps DIFC attract businesses is the tax exemption and reduction mechanism, creating a favorable environment for business and investment activities. The independent court system at DIFC operates under Common Law, with a team of international judges from many countries. The judgments of DIFC courts are recognized and enforced throughout Dubai and the UAE, ensuring strong and consistent legality.
To implement this model, in 2004, the UAE reformed its Constitution and changed its federal laws. Dr. Habib Al Mulla, a leading legal expert who played an important role in developing the legal framework for financial centers in the UAE, said that a special feature of the UAE legal system is the combination of Civil Law and Common Law, which requires close cooperation between domestic and international courts. The UAE has established a mechanism for DIFC court judgments to be recognized throughout the UAE, helping to increase stability and investor confidence.
DIFC and the trend of digital asset development. Currently, DIFC is focusing on developing a digital asset management system with clear legal regulations, ensuring investors' ownership and inheritance of assets. DIFC is also at the forefront of updating and publicizing legal information on online platforms, and consulting law firms before making any changes.
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| Secretary of the City Party Committee Nguyen Van Quang and representatives of Habib Al Mulla & Partners Law Firm. Photo: Working Group |
In particular, since 2017, DIFC has been moving towards a paperless government, digitizing all administrative processes. In addition, DIFC has a mechanism for quick procedure settlement, helping businesses save time when conducting legal and commercial transactions. During the working session, the delegation discussed in depth the dispute resolution system, the jurisdiction mechanism and the operation of DIFC.
These experiences are an important basis for Da Nang to research and apply in building a Free Trade and Finance Center in Da Nang in the future. The trip opens up many cooperation opportunities, helping Da Nang access advanced models, thereby creating a foundation for developing an attractive, transparent and effective investment environment.
WORKING DELEGATION
Source: http://baodanang.vn/kinhte/202502/bi-thu-thanh-uy-nguyen-van-quang-lam-viec-voi-ban-lanh-dao-dubai-commercity-va-cong-ty-luat-habib-al-mulla-amp-partners-4001438/
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