DUBAI // Dubai Courts will open a family court by the end of this year to deal with juvenile crimes, divorces and custody disputes.
The new court was among a series of initiatives, including a labour court, announced by its director general Tarish Al Mansoori.
Mr Al Mansoori was releasing the 2013 Annual Report of the Dubai Courts and Dubai International Financial Centre Courts, which showed a 4 per cent rise in the number of cases handled in the emirate’s criminal courtrooms last year.
He said the rise in case numbers was caused by the emirate’s population boom.
“It’s not an alarming percentage. It can be attributed to the increasing number of residents and business projects in Dubai,” Mr Al Mansoori said.
The family court is to be opened in Al Gharhoud.
“We are also looking into a suggestion to build up a separate labour court,” said Mr Al Mansoori, explaining that a judge would be stationed at the Ministry of Labour to rule on cases.
Another change will see notary public services provided at the offices of several law firms.
“We received some names for candidates to carry out the work, which will help reduce numbers of people coming to court for that purpose,” he said.
And lawyers at the DIFC would be given English and Arabic courses to help them improve their language skills and better understand the processes at the centre.
The report showed Dubai’s criminal courts dealt with 103,847 cases last year, compared with 100,342 in 2012.
They took an average of 175 days to rule on the cases, compared with 177 days the previous year.
Civil courts ruled in cases within 127 days compared with 152 days in 2012.
The report said the adjudication rate within all judicial departments reached 98 per cent last year, from 91 per cent the year before.
It also praised the cooperation between the Dubai Courts and the DIFC Courts last year. The two organised the International Association for Court Administration conference, the first of its kind in the Middle East.
“We are always joining hands with other Dubai courts to promote the image of Dubai,” said Michael Hwang, chief justice of the DIFC Courts.
The report said that in September last year, the tribunal devoted to Dubai World disputes was told the developer Limitless and its subsidiaries were no longer part of the group.
This, the report said, reduced the number of proceedings for the tribunal and only five new cases were filed last year.
The tribunal resolved 27 cases last year, with a total claim value of US$450 million (Dh1.65 billion) – a 54 per cent rise in value of claims in 2012.
Mr Hwang said the caseload in the DIFC Courts increasingly involved international companies.
“This is a clear signal that international businesses with interests in the Middle East region consider the DIFC Courts to be their first choice for dispute resolution,” he said.
Mr Hwang said enhanced video conference technology allowed the court to hear testimony from parties that could not attend hearings.
He said the DIFC Courts had resolved 90 per cent of all Small Claims Tribunal cases within four weeks.
salamir@thenational.ae
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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The Written World: How Literature Shaped History
Martin Puchner
Granta
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
THREE
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
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