Smart contracts make a breakthrough in the legal industry
A great breakthrough in the legal industry in Dubai is inevitable upon the adoption of Blockchain Technology and Smart Contracts
In a recent statement to Al Bayan Newspaper, Amna Al Jallaf, Board Member of the Dubai Business Women Council, Board Member of Dubai Chamber of Commerce & Industry, and Managing Partner of Al Jallaf Advocates, said that she expects a major breakthrough and a great leap in the legal business environment in Dubai with the adoption of the Blockchain Technology and Smart Contracts in the legal industry, assuring that Dubai is a pioneer in exploiting opportunities, developing its sectors and improving its services to maintain its reputation as a legal environment in line with the emirate's growth.
Confident Endeavours: Al Jallaf stressed that it is importance to focus on the adoption of modern technologies in the legal environment in Dubai, and develop the skills of the local capacities supervising these technologies to cope with international developments and requirements, pointing out that Dubai is moving towards a promising future as a legal and legislative environment that attracts business.
Preparing for the Future: "We have to be ready for the future by preparing local cadres who are self-reliant in the development of technology and are fully conscious and aware of its use and development. Therefore, we need to create and innovate a technology that serves us and develops it to cope with global changes. The technology also needs legal persons to be adaptable to rapid legal development. The real evolution of the legal system comes when the number of lawsuits and legal issues becomes lesser and the role of judges is focused on issues that need their expertise. So, I think that over the coming years there will be a significant boom when Blockchain and smart contracts enter the legal business environment, which would make a big shift at all levels.”
Capacity & Capability: Al-Jallaf pointed out that Dubai is one of the most developed and flexible cities with a unique and fast pace. She said that the remarkable future for this outstanding emirate, which has succeeded in a short period of time to become a world pioneer thanks to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and his continuous follow-up and guidance to develop the legal environment to suit Dubai's global trend. She stressed that the development of the legal business environment and the legal framework in the emirate over the past years is the result of his vision, rendering it a fundamental pillar of Dubai Vision 2021.
The Cape Town Convention: As a participant in the preparation of the Cape Town Convention on International Interests in Mobile Equipment (the “Cape Town Convention”) and its Aircraft Protocol and the UAE's ratification in 2008, Al-Jallaf affirmed that this Convention is one of the most important conventions in the aviation industry. It provides for granting financial facilitation in aircraft financing. An International Registry of relevant security interests provides easy access to aircraft financing records, and assists in the development of aviation sector as a whole. This, of course, leads to the organization of such international transactions under the Convention and its Aircraft Protocol. Each of the signatories shall take the necessary measures to amend its domestic laws to conform to the Convention.
"The UAE's signing of the Cape Town Convention has had a significant impact on local airlines' receiving financing facilitation and has been instrumental in leveraging aircraft financing transactions for the entire aviation industry. We are now seeing the benefits of this Convention as a success for our local airlines.”
Al Bayan Newspaper, 09/08/2018
ABOUT THE AUTHOR
Ihab is an Italian attorney-at-law and expert in the aviation sector. He has been engaged in commercial and regulatory law practice for many years, with a focus on aviation.
He has an extensive experience in high-profile litigation, aircraft financing and leasing, aviation regulation, aircraft accident investigations and policy & business aviation issues.
During his career, he has been actively involved in a full range of legal matters arising in the aviation industry, including drafting aviation legislations, participating in major Privatization and Public–Private Partnership projects, delivering regulatory consultations & proceedings, handling general aviation and commercial issues including sale, purchase and lease of aircraft transactions, aircraft & air navigation services’ insurance and reinsurance, and other environment, security & safety issues.
Ihab has addressed numerous conferences on aviation law and aircraft financing & leasing in the Middle East, Europe and Canada, and published on a variety of issues, including commercial aviation developments, environmental regulation impacting the aviation sector and the Cape Town Convention and its Aircraft Protocol.
He is a member of ICAO’s Commission of Experts of the Supervisory Authority of the International Registry (CESAIR) for the purposes of the Cape Town Convention (CTC) and the Aircraft Protocol.