Dubai launches new court to rule on commercial disputes in space

The UAE is becoming a growing player in the space exploration sector. (File/AFP)
Short Url
Updated 01 February 2021
Follow

Dubai launches new court to rule on commercial disputes in space

  • The initiative will see an international working group of public and private-sector experts tasked with exploring space-related legal issues

DUBAI: Dubai has launched a new court, which will rule on commercial space-related disputes, it was announced on Monday.

The Courts of Space initiative is part of a partnership between the Dubai International Financial Centre (DIFC) Courts and the Dubai Future Foundation.

The initiative will see an international working group of public and private-sector experts tasked with exploring space-related legal issues related to space-related disputes and brainstorming possible outcomes.

A Space Dispute Guide, encompassing a set of guidelines to support such space-related disputes, will also be created, and training will be provided to judges so they can become experts in such disputes.

Zaki Azmi, chief justice of the DIFC Courts, said in a press statement: “The Courts of Space is a global initiative that will operate in parallel, helping to build a new judicial support network to serve the stringent commercial demands of international space exploration in the 21st century. As space commerce becomes ever more global and countries ever more connected, diverse and nimble, economies will need to enable growth. Complex commercial agreements will also require an equally innovative judicial system to keep pace, offering assurance and certainty to support and protect businesses.”

The UAE is becoming a growing player in the space exploration sector, with such moves as the launch of the UAE Hope probe in July last year and aims to reach Mars in February this year.

Established in 2004, the DIFC Courts is an English-language common law judicial system forming a key part of the legal system of the UAE.


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
Follow

Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.