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Five economic courts set up to boost capital's development

posted on 15/04/2009: 828 views

Five new economic courts were set up in Abu Dhabi yesterday in a move designed to boost the capital's economic development.

The courts will deal with cases involving contracting, construction, banks and other financial institutions, shares, bonds, industry, insurance and commercial compensation claims.

The order establishing them was issued by Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs and Chairman of Abu Dhabi Judicial Department.

"The courts will look at economic areas that were not previously covered by the courts," said department Undersecretary Sultan Saeed Al Badi. "Committees were formed to study mechanisms for establishing the courts as well as the legislative and legal aspects. Some of the courts, such as the commercial one, have already started to operate.

"The department seeks to set up courts that help achieve the legislative and legal evolution of the emirate in line with its economic development. Judicial work is an important foundation of development in advanced countries."

Experts told Emirates Business that the new courts would contribute greatly to attracting foreign investment into the UAE and would expedite the settlement of cases.

Mohammed Ali Yasin, CEO of Shuaa Securities, said: "The decision to set up the courts is very important as they will help with the development of the private sector. Those seeking justice over financial matters – be they nationals or expatriates, individuals or companies – used to suffer a great deal because of delays in the settlement of cases.

"Each case used to take several years to settle for a number of reasons, mostly lack of courts that specialise in cases involving complicated technical and economic matters such as those related to financial markets or new investment tools."

Khalfan Al Kaabi, a member of the Board of Abu Dhabi Chamber of Commerce and Industry and Chairman of the Contracting Committee, said: "The private sector, especially the contracting and construction sector, has been waiting for the establishment of the economic courts as several cases have been filed by contracting companies against other firms, both foreign and local." – Emirates Business


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