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Abu Dhabi, UAE – 2 October 2024:
His Excellency Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation (UBF), stated that the directives of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Dubai Judicial Council, to regulate the system the vetting and appointment of technical experts appearing before Dubai judicial entities and to establish the Dubai Judicial Technical Expertise Centre, further solidify the UAE’s status as a leading global economic and financial hub.
H.E. Al-Ghurair welcomed this initiative, which contributes to improving the swiftness, efficiency, and transparency of the judicial system while setting the appropriate frameworks for leveraging expert technical opinions in commercial cases. He emphasised the critical role the judiciary plays in reinforcing the UAE’s distinguished position in attracting business and investment.
H.E. Abdulaziz Al-Ghurair commented: “Trust in the legislative, regulatory, and judicial frameworks is a fundamental pillar for the development of the broader economic sector, particularly the financial and banking industries. The UAE boasts a legislative system that fosters a safe and conducive environment for individuals and institutions alike, reflected in international rankings and the country’s attractiveness for talent, business, and investment. Developing competent system and establishing a specialised centre for judicial experts will support efforts to reach fair settlements and judgments, taking into account the specialised technical perspectives provided by experts to judicial authorities.”
He added: “The UAE’s advanced legislation, such as the Commercial Transactions Law of 2022, offers a comprehensive framework that plays a vital role in promoting economic activity by establishing transparent rules and regulations and enforcing contracts. This, in turn, helps create a favourable environment for investments, supporting the country’s economic and social development efforts. At UBF, as the unified voice of UAE banks, we work under the direct guidance of the Central Bank of the UAE to ensure a secure and seamless banking experience for customers. A legislative and judicial system aligned with international best practices fosters transparency and fairness in dispute resolutions, thereby reinforcing the confidence of the business community and encouraging investment in our national economy.”
His Excellency further explained that amending the provisions for registration in the lists of experts will help attract top talents across various fields, thus broadening the scope of expertise in different disciplines. This step will also keep pace with the rising demand for judicial services due to the UAE’s rapid economic and commercial growth.
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