Dubai Courts has established a department to deal with cases of non-Muslims' inheritance and the execution of their wills.
The department guarantees the application of non-Muslims' personal laws and the management of their probate matters, Dubai Media Office said in a statement.
Judge Mohammed Al Shamsi, head of the Special Court of Inheritance in Dubai, said the department aims to expedite procedures for individuals.
He outlined four instances when a case could be brought to the new department, with supporting documents required in each instance:
- in the first instance, the documents must include a legal notice, an inventory of inheritance, a legal or official document specifying heirs and their shares.
- in the second type of case, applicants should submit an official document proving the existence of a will issued by Dubai Courts or any other courts within the UAE, excluding the Dubai International Financial Centre courts.
- if none of the above documents are available, there is a third case where a judicial ruling proving the death of the deceased and identifying the heirs must be provided.
Mr Al Shamsi said if the ruling is issued outside the UAE, the file can only be opened after it is attested by the Embassy of the UAE in that country or the Ministry of Foreign Affairs.
- in the fourth case, Mr Al Shamsi said if a request to open an inheritance file is based on a will not issued by the courts within the UAE, then the provisions of UAE law concerning the management of non-Muslim inheritance matters and the execution of their wills, as applied in Dubai, come into play.
A lawsuit for the execution of the will is registered, along with a certified copy of the applicable law for the will, whether it is the law of the testator's nationality or the law specified in the will.
The director of the lawsuit ensures the completion of the documents, payment of judicial fees, schedules the nearest session and notifies all parties mentioned in the will.
Mr Al Shamsi said the non-Muslim inheritance department applies a single-session system, aiming to reach a decision on the request within one sitting.
After the decision accepting the execution of the will is issued, along with the file opening application, it is presented.
If further clarification and enquiries are required, a request is submitted to the court president for approval to open the file through the Wayak system – Dubai Courts' system that allows direct communication on cases between its departments.
Mr Al Shamsi said the new department would not open cases in which a will has been issued or authenticated by the Dubai International Financial Centre courts.
In 2017, Dubai established a law governing all wills and probate matters in the emirate, including the DIFC.
The law gives non-Muslims the right to prepare their wills within a clear legislative framework that ensures the application of their personal laws.
It also seeks to improve litigation procedures related to their wills and probate matters, simplifying and making them enforceable.
In August, Dubai established a new court dedicated to dealing with inheritance disputes involving Muslims and non-Muslims of all nationalities.
Claims can be registered online and will first be seen by a preparatory judge who will revise them and attempt to bring about an amicable settlement.
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
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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.”
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