DIFC Courts recorded a rise in total volume and value of claims and counterclaims in 2017, said Amna Al Owais, chief executive and registrar, as she unveiled the DIFC Courts' annual review. Chris Whiteoak / The National
DIFC Courts recorded a rise in total volume and value of claims and counterclaims in 2017, said Amna Al Owais, chief executive and registrar, as she unveiled the DIFC Courts' annual review. Chris WhitShow more

DIFC Courts cases up 41% in 2017, led by small claims tribunal



Dubai International Financial Centre Courts, the international common law system of the emirate's financial free zone, recorded a 41 per cent year-on-year increase in the total number of commercial cases it handled in 2017.

The court handled 520 cases last year across all of its divisions, with claims at the main Court of First Instance (CFI) – including arbitration cases – rising to 54, up 17 per cent year-on-year, DIFC Courts said on Monday.

The total value of claims and counterclaims handled at the CFI was Dh471.2 million, down from Dh2.71bn in 2016, following the conclusion of large cases, and 88 per cent of claims were settled before having to go to trial, up from 83 per cent in 2016.

In addition, the total value of enforcement orders issued by DIFC Courts in 2017 - which also includes those received from other jurisdictions - rose 26 per cent to Dh3.4 billion from Dh2.75bn in 2016.

DIFC Courts does not break down caseload by subject or business category, but around 60 per cent of all 2017 cases were employment-related – the bulk of which were breach of contract disputes, Amna Al Owais, chief executive and registrar at DIFC Courts told reporters on Monday.

DIFC Courts is expanding its services as part of efforts to cement the zone's legal leadership in the region. Last year, it rolled out a specialised sub-division that will streamline the resolution of legal cases involving complex technology and construction disputes.

The specialist DIFC court created last September has yet to hear a case, Ms Al Owais said, explaining that the recovering economy may have reduced litigation within these industries.

There have yet to be any cases brought related to the trading of bitcoin or other cryptocurrencies, she added, “though DIFC Courts is equipped to handle these kind of disputes should they arise”.

The volume of cases at the Small Claims Tribunal, which was established in 2007 to handle cases under Dh1 million, stood at 363 in 2017 compared to 217 in 2016. The tribunal saw a marked increase in the total value of claims and counterclaims, which rose 75 per cent year-on-year to Dh36.2m, compared to Dh20.7m in 2016.

_______________

Read more:

______________

The settlement rate for cases at the SCT also rose significantly, to 85 per cent from 75 per cent in 2016, as businesses seek to resolve their disputes more rapidly.

In 2017, the SCT introduced a service whereby claimants can give defendants notice of a case via instant messaging, as part of DIFC Courts’ efforts to expand its legal e-services.

The body aims to be a "paperless court" by the end of 2018,  Ms Al Owais said. In 2017, DIFC Courts set up a mobile-based online case management system to increase transparency and accessibility of court processes and case information, and struck a technology partnership with Microsoft.

The organisation also set up a "Court of the Future" initiative to study how legal cases may be processed in decades to come, for example by using blockchain ledger technology.

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Racecard
%3Cp%3E5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%3C%2Fp%3E%0A
Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke 
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois 
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers 
  21. John Whittingdale
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5