Enhancing technical expertise in judicial system strengthens UAE’s leadership position: UBF Chairman

Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation (UBF), has praised the recent directives issued by H.H. 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. These directives aim to regulate the system for vetting and appointing technical experts appearing before Dubai judicial entities and establish the Dubai Judicial Technical Expertise Centre.

Al-Ghurair emphasised that these initiatives will further solidify the UAE's position as a leading global economic and financial hub. He welcomed the move as it will contribute to improving the swiftness, efficiency, and transparency of the judicial system, while also providing appropriate frameworks for leveraging expert technical opinions in commercial cases.

He highlighted the crucial role the judiciary plays in reinforcing the UAE's distinguished position in attracting business and investment. "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," Al-Ghurair stated.

Al-Ghurair added that 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 further noted.

The UAE's advanced legislation, such as the Commercial Transactions Law of 2022, offers a comprehensive framework that promotes economic activity by establishing transparent rules and regulations and enforcing contracts. This, in turn, creates a favourable environment for investments, supporting the country's economic and social development efforts.

“At UBF, we work under the direct guidance of the Central Bank of the UAE to ensure a secure and seamless banking experience for customers,” Al-Ghurair stated.

He also noted that 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 the national economy.

Al-Ghurair added that amending the provisions for registration in the lists of experts will help attract top talents across various fields, 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.