The DIFC Courts opened a public consultation on the draft Practice Direction on third party funding and invite the public to send their feedback to the consultation by 19th February 2017.
The Practice Direction intends to set out the requirements which Funded Parties and Funders should observe in relation to proceedings in the DIFC Courts, such as disclosure of the existence of funding and security for costs in funded proceedings.
Mark King, Director of Litigation Funding, who worked in the region for a number of years, observes: “This is a very positive development for dispute resolution in the region and gives the DIFC a real opportunity to lead the way. With some 15 years’ experience of funding in 13 jurisdictions and under 5 seats of arbitral rules, we will be delighted to offer feedback to the consultation.”
The Harbour View published in October 2016 was dedicated to recent developments of litigation, arbitration and third party funding in the Middle East and was testament to how much progress has been made to improve the legal landscape in the Middle East. On page 6, the Registrar of the DIFC Courts mentioned that: “The future of international dispute resolution will favour those centres which acknowledge the importance of third party funding, and provide a regulatory framework which supports its development in an open and balanced way…”. The consultation clearly supports that sentiment.View all news items