New specialised courts to try financial, property and investment disputes in Abu Dhabi

Abu Dhabi, Jan 27th, 2008 (WAM): Department of Judiciary in Abu Dhabi will soon open special courts to try cases of economic disputes of various types, which include cases related to contracting and construction, banking and financial institutions, and investment and industrial disputes.

Minister of Presidential affairs and Chairman of Department of Judiciary-Abu Dhabi Sheikh Sultan bin Zayed Al Nahyan has given directives to the Department to streamline a system needed to set up these courts and to specify the jurisdiction of each courts as well as to estimate the necessary financial and administrative requirements. The plan to set up the new courts is part of the overall development strategy of the emirate, enabling the legal system to keep abreast with the renaissance being witnessed in Abu Dhabi in all fields. The directives also take into consideration the fact that the judiciary forms one of the important cornerstones of the economic development. The emirate has witnessed during the past few years a comprehensive economic development absorbing several billions of dirhams into various sectors. 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 which attract investment. Thus they constitute the foundation of any economic development. During the past years, the emirate has witnessed substantial growth in the economic life. 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, thus gave instructions to set up these courts as they will support the overall development march in the emirate'. 'The new courts will create a judicial environment that is interactive with the society, taking care of its various requirements and protecting the capital inflow and the investments into a host of fields. Subsequently this will support to the process of development in the emirate', added Al Baadi. He said that the new specialised courts come within the prime goals and strategic plan of development envisioned for the Department of Judiciary. The restructuring of the Department of Judiciary has taken into consideration the important role of judicial activity in the comprehensive development of the emirate. The powerful economic development witnessed in the emirates makes an effective judicial system a must, concluded Al Baadi.