Earlier this year, the Dubai International Financial Centre (DIFC) Courts invited parties to give their views on the draft Practice Direction on third party funding.
Woodsford Litigation Funding was pleased to be involved in this consultation.
Zachary Krug, Senior Investment Officer at Woodsford commented, “We welcome the DIFC consultation as further evidence of the growth and acceptance of litigation and arbitration finance around the world. As we have witnessed with the liberalisation of the third party funding environment in Singapore and Hong Kong, forward-looking jurisdictions have concluded that funding plays an important role in the disputes process and they will be at a competitive disadvantage if they preclude funding”
The draft Practice Direction details the requirements which both funders and funded parties need to abide by in relation to proceedings in the DIFC Courts. We have offered our feedback to the consultation. We believe that the DIFC seeks a harmonious framework for funding that works for all parties and will attract reputable, professional funders – and their capital – to the region.