A special tribunal is being set up in Dubai to resolve disputes between heirs in relation to the sale of inherited residential property.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued a decree on Wednesday to form the tribunal to "protect the rights and interests of all concerned parties, especially the elderly, minors, femes sole, divorced women, widows and people of determination", a statement by the Dubai Media Office said on Wednesday.
The tribunal will adjudicate and issue rulings on all disputes between heirs over the sale of inherited residential property, it added, saying that all courts in Dubai, including the DIFC Courts, should no longer review petitions or appeals related to the sale of inherited property.
Members of the tribunal will include legal, financial and real estate experts. A president for the special tribunal will by announced by the chairman of Dubai's Judicial Council.
The latest ruling comes as the UAE streamlines its regulations in an effort to revive demand in the property market.
Sheikh Mohammed also issued a decree on Sunday dissolving a tribunal that was set up to deal with cheque disputes arising from property transactions.
The special tribunal will also adjudicate and issue rulings on appeals against decisions and procedures issued by the Dubai Land Department or the Mohammed bin Rashid Housing Establishment.
“If the act of partition of the inherited real property is impossible, or otherwise if the act of partition of the inherited real property will cause harm or significantly reduce the value of the property, the special tribunal may auction the inherited property and duly distribute the money between the heirs,” the statement said.
The special tribunal, which will abide by Sharia law, must protect the rights and interests of heirs in all its decisions, the statement said. It will not accept or review a case unless the petitioner submits a legal document proving the heirs could not reach an amicable settlement.
"This is an excellent move as it will save a lot of time on inheritance disputes with regard to properties," Devanand Mahadeva, head of the inheritance and personal law practice at Bestwins Law Corporation, told The National.
As Dubai follows Sharia law as a de facto process for inheritance, it creates multiple inheritors, including extended families, Mr Mahadeva added.
“More than the dispute among shareholders of a property, there are more complications in the sale of property where there are inherited shares for minors. This tribunal may be of help to solve issues related to that, too.”
He added that such a tribunal could also allay concerns of expatriate property purchasers in Dubai, “especially when there is an intestate inheritance to face”.
This decision will be active from its date of issuance and will be published in the UAE’s Official Gazette. All judgements, decisions and orders made by the special tribunal will be final and incontestable, the statement said.
“The establishment of the tribunal will ensure the interests of all heirs are protected, especially those who need more protection,” Mohammad Kawasmi, partner with the real estate practice at law firm Al Tamimi and Company, said. “This again proves that Dubai gives top priority to social values and family.”
Dubai also issued a new law in December last year governing unfinished and cancelled property projects in the emirate.
Under the law, a special tribunal will be set up to oversee the liquidation of unfinished and cancelled projects as well as the settling of related claims. It replaces an existing committee set up in 2013 that oversees claims related to cancelled projects.
The Saga Continues
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Manchester United 2
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Manchester City 0
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
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.”
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
