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24 April 2024

Special courts to settle financial dispute cases

By Agencies


The Department of Judiciary in the UAE capital will soon open special courts to hear cases of economic disputes, including cases related to contracting and construction, banking and financial institutions, and investment and industrial disputes.

Minister of Presidential Affairs and Chairman of the Department of Judiciary-Abu Dhabi, Sheikh Mansour bin Zayed Al Nahyan, has given directives to the department to streamline the system needed to set up these courts and to specify the jurisdiction of each court’s financial and administrative requirements.

The plan to set up the new courts is part of the overall development strategy of the emirate. The directives also take into consideration the fact that the judiciary forms one of the important cornerstones of the economic development.

Absorbing several billions of dirhams into various sector, Abu Dhabi has witnessed during the past few years a comprehensive economic development.

Commenting on the economic courts, Undersecretary of the Department of Judiciary-Abu Dhabi Sultan Saeed Al Baadi, said: “Security and stability are considered among the prime factors that attract investment. During the past few years, the emirate has witnessed substantial growth in the economic field.

“This has made the new specialised economic courts imperative to resolve cases pertaining to financial, investment and industrial disputes. The chairman of the Department of Judiciary gave instructions to concerned authorities to set up these courts as they will support development in the UAE capital.

“The new courts will create an interactive judicial environment, taking care of society’s various requirements and protecting the capital inflow and the investments into a host of fields,” added Al Baadi.

He said that the new specialised courts are among the the prime goals and part of strategic plan of development envisioned for the Department of Judiciary.

The restructuring of the department has taken into consideration the important role of judicial activity in the development of the UAE capital.

Economic development in the emirate needs an effective judicial system, he said. (Wam)