Skip to main content

Abu Dhabi Global Market adopts blockchain for courts

The move comes amid other financial changes in the Gulf state. Blockchain technology is also used for cryptocurrency.
UAE tech

Abu Dhabi’s international business center announced on Tuesday the introduction of blockchain technology to its legal system. 

The Abu Dhabi Global Market Courts said it will begin securing commercial judgments via blockchain technology. The judgments will be available immediately via the courts’ digital system, meaning entities will no longer need to wait for a certified copy from a judge, according to a press release. 

A court official told The National that the system will go live during the first quarter of 2023

What it means: The Abu Dhabi Global Market is a community of international businesses with a separate legal system from companies based in Abu Dhabi proper. Companies in the market can maintain 100% foreign ownership, for example, while companies in Abu Dhabi must have at least 51% local ownership. As such, the market has its own courts, based on English common law. 

The Dubai International Finance Center is a similar system in the eponymous city. 

Commercial judgments are essentially financial assessments and rulings. One from the Abu Dhabi Global Markets Courts from today pertained to a dispute between shareholders of the car-sharing startup Ekar

Blockchain is a form of encryption that covers records. It is considered a safe way of securing digital assets, and is used in cryptocurrency. 

Why it matters: The move is one of a few financial modernization efforts the United Arab Emirates is undertaking. For example, the UAE announced earlier this year they will also introduce a first-ever corporate business tax starting in 2023. 

The UAE is becoming a growing crypto market. Last month, the Dubai-based cryptocurrency platform BitOasis announced a crypto payment card

Know more: Saudi Arabia is also interested in blockchain. In February, Aramco announced a $1 billion investment in futuristic technology, chiefly blockchain. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Free

The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.

Free

What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing
Expert

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to pro.support@al-monitor.com and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial