LABOUR LAW REGIME UNDER THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) AND INTERNATIONAL COMMERCE: A CRITIQUE
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Aditi Duggal & Parth Agrawal
Symbiosis Law School, Noida
“Effective courts give life – and where necessary give teeth – to the framework of law within which markets and businesses operate, and their lawyers advise. Such a framework enables entrepreneurs to be confident that they can develop their businesses, promote and market their products, and develop new products secure in the knowledge that their rights will be respected, vindicated and enforced”. Commerce lies at the root of financial development which is the fuel of the economies all over the world. International commerce directly relates to the inter-State financial and commercial arrangements. Different local commercial laws govern the territorial as well as extra-territorial flow of services and investment. However, the stringent and complicated domestic regulations and compliances act as a hindrance in the path of international commercial development. The Dubai International Financial Centre (DIFC), established and managed by a primarily Islamic country, is an exemplary solution to these issues and offers a variety of common law oriented lucrative business opportunities. The paper seeks to study the development of free zones in order to promote international flow of services and investment with special reference to employment laws in UAE and DIFC.