DUBAI // A new date has been set for the first court case linked to an ongoing investigation into corruption in Dubai. A case of bribery and revealing company secrets brought against four former employees of the real estate developer, Sama Dubai, will now be heard on March 15, after the previous court date of March 8 coincided with a public holiday to mark the Prophet's birthday. The most senior former businessman to be referred for trial in the case is AM, 42, the Emirati former chief executive of Sama Dubai's The Lagoons project. He is charged with asking for bribes in the form of properties and cash from Sama Dubai clients that led to the company incurring a loss of Dh137 million (US$37m), prosecution sources confirmed.
Three other sales executives at The Lagoons have also been charged with taking bribes for property transactions. A fifth suspect, who worked for a local property developer, has been charged with accepting a bribe. All five are in custody. The second corruption case referred to court involves the alleged misappropriation of Dh49 million in public funds from the property development company, Mizin.
The hearing date for that case is March 22. Prosecutors have charged SA, the Emirati former chief executive of Mizin, and JH, a Lebanese engineer, with taking possession of public funds, violating a trust and damaging the company's interests, asking for a bribe to do a job or refrain from doing a job, and offering a bribe to a public employee. The third corruption case referred to court involves seven defendants charged with defrauding Dubai Islamic Bank (DIB) out of US$501m (Dh1.8bn), including two of the bank's former senior executives. A date is yet to be set for this case.
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Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
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In the role: Since January 2015
Lives: In the UAE
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Studied: Corporate finance
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Explained
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Experiencing sleep disturbances or changes in sleep patterns.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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Size: 450 employees
Investment: approximately $80 million
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From Zero
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Rating: 4/5
Gitex 2018
Dengue%20fever%20symptoms
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Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
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- 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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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
RESULTS
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Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.
Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.
Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.
Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.
Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.
Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0
Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.
Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.
Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.
