Landmark UAE Ruling Shows Shift in Power Toward Mideast Jurisdictions

By Evan Abrams

Earlier this month, The Dubai International Financial Centre ruled a Swiss Bank had inappropriately sold $200 million in financial products to a prominent Kuwaiti family. The ruling is notable largely because it is one of the first instances of the Dubai financial court system flexing its muscle. As GulfNews.Com reports such disputes have traditionally been handled by courts in Europe or the United States. However, the article is quick to point out that significant hurdles exist before the court can be considered a true hub for financial disputes.