Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the move aims to make UAE judicial services the best in the world. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the move aims to make UAE judicial services the best in the world. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the move aims to make UAE judicial services the best in the world. Wam
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said the move aims to make UAE judicial services the best in the world. Wam

UAE

UAE to have 80% of litigation take place remotely by end of the year, Sheikh Mohammed says

Abu Dhabi establishes fast-track system for financial disputes over sums of less than Dh500,000

The National

June 21, 2021

  • English
  • Arabic

The UAE aims to have more than 80 per cent of litigation to take place remotely by the end of the year, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Sunday.

It follows the widespread adoption of remote work practices by the government and the private sector since the Covid-19 pandemic began.

Our goal is to be the fastest, best and fairest in judicial services

Sheikh Mohammed said the goal was to make the country’s judicial system the best in the world.

“The UAE has succeeded in adopting remote litigation systems during the Covid-19 pandemic,” Sheikh Mohammed said on social media.

“Today we directed the Ministry of Justice to have more than 80 per cent of remote litigation sessions permanently before the end of 2021. Our goal is to be the fastest, best and fairest in judicial services.”

More details are expected in the next few weeks.

The announcement was made on the day that Abu Dhabi established a court to hear financial disputes involving claims of less than Dh500,000 ($136,125) to free other courts for more serious matters. Abu Dhabi Judicial Department said labour disputes, claims for unpaid wages, and commercial and civil cases would be handled by the court.

Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, ordered the court be established.

The fast-track system will pass judgments within 15 days of each case being registered.

The UAE was one of the first in the world to embrace the move to online services and enable people to work from home when the pandemic forced people from offices in March 2020.

Authorities turned the challenge into an opportunity, and courts were at the centre of the transformation.

Last June, it was revealed that Dubai's Labour Court dealt with about 3,000 employment disputes through video conference since the pandemic began in March.

Judge Jamal Al Jaberi, Chief Justice of Dubai Labour Court, said attendance at the online hearings had been impressive.

“Even after we are fully back to court, online hearings will continue,” he said.

Sheikh Mohammed chairs a Cabinet meeting - in pictures

  • Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai on Wednesday. Image: Twitter
    Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai on Wednesday. Image: Twitter
  • Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
    Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
  • Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi. Image: Twitter
    Sheikh Mohammed bin Rashid, Vice President, Prime Minister and Ruler of Dubai, chairs a Cabinet meeting at Qasr Al Watan Palace in Abu Dhabi. Image: Twitter
  • The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
    The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
  • The Cabinet approved the national strategy for attracting and retaining talent. Image: Twitter
    The Cabinet approved the national strategy for attracting and retaining talent. Image: Twitter
  • The Cabinet also approved changes to taxation and bankruptcy laws. Image: Twitter
    The Cabinet also approved changes to taxation and bankruptcy laws. Image: Twitter
  • It also adopted a policy to increase the level of the UAE's exports. Image: Twitter
    It also adopted a policy to increase the level of the UAE's exports. Image: Twitter
  • The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
    The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
  • The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
    The UAE Cabinet met at Qasr Al Watan Palace in Abu Dhabi on Wednesday. Image: Twitter
Champions parade (UAE timings)

7pm Gates open

8pm Deansgate stage showing starts

9pm Parade starts at Manchester Cathedral

9.45pm Parade ends at Peter Street

10pm City players on stage

11pm event ends

Match info

Costa Rica 0

Serbia 1
Kolarov (56')

RESULT

Argentina 0 Croatia 3
Croatia: Rebic (53'), Modric (80'), Rakitic (90' 1)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Fixtures

Wednesday

4.15pm: Japan v Spain (Group A)

5.30pm: UAE v Italy (Group A)

6.45pm: Russia v Mexico (Group B)

8pm: Iran v Egypt (Group B)

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GP3 race, 12:30pm

Formula 1 final practice, 2pm

Formula 1 qualifying, 5pm

Formula 2 race, 6:40pm

Performance: Sam Smith

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

RACE CARD

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

World Sevens Series standing after Dubai

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2. New Zealand
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5. Australia
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8. Scotland
9. France
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12. Canada
13. Wales
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15. United States
16. Russia

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Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour

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Favourite Book: The Alchemist by Paulo Coelho

Favourite food: Fish and vegetables

Favourite place to visit: London

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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.”

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-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);

-2 C Morikawa (US), M Laird (Sco), C Tringale (US)

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Level B DeChambeau (US), J Rose (Eng) 

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3 R McIlroy (NI)

4 D Johnson (US)

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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

UAESheikh Mohammed bin RashidCourts