Justice Moustafa Gamal Aldeen, who will be returning to Egypt after working in Abu Dhabi for 10 years, at the Federal Supreme Court.
Justice Moustafa Gamal Aldeen, who will be returning to Egypt after working in Abu Dhabi for 10 years, at the Federal Supreme Court.

A judge's verdict on Abu Dhabi



As a judge in Cairo, Moustafa Gamal Aldeen thought he had seen it all. Then he came to Abu Dhabi. "Here you are dealing with people from so many nationalities, and that changes the dynamics," he says. "There is a large immigrant labour force that is here that's not in Egypt. The nature of financial crimes are also very different here than in Egypt. So many of our laws are the same, but the cases are different."

After 30 years in the Egyptian judiciary, he was asked to come here 10 years ago in an exchange programme with the UAE courts. "I gladly took that opportunity not really knowing what to expect," he said in an interview during the final days of his work in Abu Dhabi as a judge in the Federal Supreme Court. "Things were very different 10 years ago. I have seen so much change, not just in the courts, but the country as a whole. It has gone through so much progress in the past 10 years, but there is a price for progress that not many people see."

With the economic and cultural booms came cases of human trafficking and money laundering. "There were many crimes that we weren't sure how to handle because they came in with the wave of development. But as judges, we don't create laws, we only interpret them, so our hands were somewhat tied. Once the UAE developed stricter laws to combat human trafficking, money laundering and other financial crimes, we started seeing more of these cases."

Justice Aldeen has also seen the courts change with technological advances. "Ten years ago, when we wanted to see previous judgments of similar cases, we had to sift through thousands of files and it would take a long time. Today, it takes me minutes on my computer. This has clearly affected our productivity and the amount of cases we see." He says he has had the freedom to do his job. "In all of my 10 years here, I did not receive even one phone call where someone tried to persuade my decision one way or the other. No one has ever questioned me for judging a specific case. The independence of judges here is exemplary."

The relationship between Egypt and the UAE is reflected throughout the court system. Most of the judges on the Federal Supreme Court are Egyptian nationals. Many Emirati lawyers and judges trained at Egyptian law schools. Dr Abdul Wahab Abdul, president of the Federal Supreme Court, for example, did much of his studies at Alexandria Faculty of Law in Egypt. Justice Aldeen, 61, once again will be a high-ranking judge in Egypt, taking with him the wealth of knowledge he has learned here.

"The past few years I have specialised in financial crimes and business cases, which will give me a great foundation for when I go back to Egypt. "I have mixed feelings, as you can imagine, about going back. A lot changes in 10 years. I have made very close friends here at the court, who I will be very sad to leave. I am very proud to have my thumbprint on the justice system here. At the same time, I am excited to go back to Egypt."

At a recent farewell gathering, Dr Abdul, the Supreme Court president, said of Justice Aldeen: "He is an exemplary person to many of his peers. "In the past 10 years he has become one of the pillars of this court and a reason for its success. We truly are sad to see him go." myoussef@thenational.ae

The UAE judicial system is heavily influenced by Egyptian, French, Roman and Islamic law. Unlike some systems in the West, UAE courts do not consider case law or precedent; each case is tried on its own merit. The justice system in the UAE differs from emirate to emirate. Every emirate has a Court of First Instance, which provides first level of adjudication for all cases. A Court of Appeal then reviews and can rule on decisions which have been contested, but can also decide if a case has merit to be heard by a supreme court. Within each court there are three divisions: civil, criminal and Islamic Sharia law. The latter court tries disputes between Muslims based on Islamic laws as derived from various sources, including the Quran and the hadith. Non-Muslims are not tried by the Sharia courts. Abu Dhabi, Dubai and Ras al Khaimah each has its own supreme court, known as the Court of Cassation. The other four emirates yield to the Federal Supreme Court, which is made up of five judges and is based in Abu Dhabi. The Federal Supreme Court also handles disputes between emirates and cases in which the UAE Constitution is called into question. An alternative system of dispute resolution, which is run by the courts but is outside of the procedure of law, is becoming a more popular form of settling civil disputes. All parties in such a dispute must agree to accept a ruling before it is issued.

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Romelu Lukaku's goalscoring statistics in the Premier League 
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2013/14 Chelsea: 2(2) - 0
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”