Latest news with #Sheikh Mohammed bin Rashid Al Maktoum
Arabian Business
5 hours ago
- Business
- Arabian Business
UAE launches 2027–2029 budget cycle
The UAE Ministry of Finance has officially launched the federal general budget cycle for 2027–2029, marking a major step in the evolution of the country's public financial system and supporting long-term strategic objectives, including the UAE Centennial 2071. The new cycle aims to enhance fiscal sustainability, promote operational efficiency, and align government financial planning with the national vision for a more agile, proactive, and digitally enabled future. The announcement coincided with the unveiling of the federal government's new strategic planning framework, 'Towards Achieving We the UAE 2031', by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. UAE budget cycle The new cycle marks a transformation of the federal budget from a traditional annual resource allocation tool into a strategic enabler that empowers federal entities to achieve national priorities. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, stated that the new cycle is part of a broader government approach driven by flexibility, proactivity, and policy integration. He said: 'Achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities. 'To that end, the MoF is investing in smart tools and advanced analytical models that ensure financial efficiency, optimise impact, and enable data-driven decision-making aligned with the nation's developmental, economic, and social goals. 'Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights'. Over the previous four strategic budget cycles, the UAE's total federal budget reached approximately AED900bn ($245bn), with sustained investment in key sectors such as education, healthcare, social welfare, and essential government services. The Ministry of Finance has maintained fiscal stability, with public debt standing at AED62.1bn ($16.9bn) as of June 2025, and federal government assets reaching AED464.4bn ($126.3bn) by the end of 2024. This solid financial foundation supports the UAE's commitment to transforming the budget process into a performance-based, result-oriented system powered by artificial intelligence and advanced digital platforms. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted the Ministry's efforts to overhaul traditional financial operations. Notable achievements include: Reducing budget preparation steps from 50 to 10 Shortening procurement cycles from 60 days to under six minutes Transitioning to a fully integrated digital financial system Al Hussaini stated that the Ministry has shifted from being a supervisory authority to a key enabler of institutional performance, focused on customer satisfaction and service excellence. The 2027–2029 cycle reflects a comprehensive vision to: Integrate artificial intelligence into financial governance Enable predictive and scenario-based financial planning Support unified and accurate government-wide data
Arabian Business
5 hours ago
- Business
- Arabian Business
Dubai updates dispute resolution and conciliation law
Dubai has updated dispute resolution and conciliation laws in the emirate. In his capacity as Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Law No. (9) of 2025, amending specific provisions of Law No. (18) of 2021 governing the regulation of conciliation frameworks for dispute settlement in the emirate. The law replaces ten articles from the original legislation and is part of Dubai's ongoing efforts to modernise its legal system and enhance the efficiency and quality of judicial services for all members of society. Article 5 of updated Dubai law The law outlines categories of disputes that must undergo conciliation efforts before proceeding to litigation. These include: Disputes referred by the President of Dubai Courts Personal status disputes Cases where both parties agree to refer the matter to the Centre for Amicable Settlement of Disputes (CASD) Lawsuits referred to CASD based on a prior agreement between the litigants Certain disputes are excluded from mandatory conciliation, including: Interim orders and urgent cases Matters of guardianship, inheritance, and marriage/divorce verification Disputes beyond Dubai Courts' jurisdiction Disputes where conciliation is prohibited under existing laws However, the Inheritance Court retains the right to propose settlement in inheritance-related disputes. Article 6 of updated Dubai law Article 6 of the law addresses the scope of dispute resolution procedures before the CASD and the Family Guidance and Reconciliation Committee. Disputes submitted to CASD through Dubai Courts' electronic system will be reviewed by a Conciliator under the supervision of a Competent Judge Personal status disputes are handled by the Family Guidance and Reconciliation Committee, following procedures set by the President of the Judicial Council The CASD and Family Committee may engage experts to provide technical input, with scope, fees, and deadlines clearly outlined If a conciliation is reached, a Conciliation Agreement is signed, approved, and granted the force of a writ of execution once validated. Additional provisions of the new law, include: Article 27 of Law No. (9) of 2025 outlines the requirements for approving a Conciliation Agreement and validating the executory formula. Once requirements are confirmed, the Conciliator approves the agreement and applies the executory formula. Challenges must be based on fraud or deception, filed within five business days A Competent Judge will issue a final ruling within five business days Copies of the agreement are only provided to parties involved; second copies require a court order The law will be published in the Official Gazette and enter into force upon publication. The amendments support Dubai's broader aim to enhance its legal ecosystem by promoting amicable dispute resolution, strengthening contractual and business relationships, expediting case resolution, and ensuring confidentiality throughout the process.
Zawya
7 hours ago
- Politics
- Zawya
UAE: Mohammed bin Rashid issues law amending provisions of Dubai Conciliation Law
In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Law No. (9) of 2025, amending certain provisions of Law No. (18) of 2021 concerning the regulation of conciliation frameworks for the settlement of disputes arising within the emirate. The amendment replaces ten articles of the original law and is part of sustained efforts to advance and modernise the emirate's legal apparatus while offering the highest levels of efficiency and services to every member of society. Article 5 of the new law specifies the type of disputes qualifying for mandatory conciliation efforts. These include disputes referred by the President of Dubai Courts, personal status disputes, disputes where the parties agree to refer them to the Centre for Amicable Settlement of Disputes (CASD), and lawsuits referred to the CASD by the courts based on prior agreement between the litigants. Article 5 also outlines disputes, orders, matters, and claims that shall remain exempt from conciliation pathways. These include interim orders, urgent cases, matters of guardianship, inheritance, and such other disputes, without prejudice to the powers of the Inheritance Court to propose settlement to the parties in inheritance cases. Conciliation is also not to be mooted in cases where arbitration is inconceivable, such as marriage and divorce verification cases; disputes beyond the jurisdiction of Dubai Courts (falling under other entities, centres, or committees); and disputes where conciliation is prohibited under Dubai's legal framework. Article 6 of the law addresses the scope of dispute resolution procedures before the CASD and the Family Guidance and Reconciliation Committee. It states that disputes registered in Dubai Courts' electronic system and submitted to the CASD for amicable settlement are to be reviewed by a Conciliator under the supervision of a Competent Judge. The article stipulates that the procedures, criteria, and provisions of this law and its binding resolutions must be complied with when taking up disputes before the CASD. For personal status disputes, conciliation is offered through the Family Guidance and Reconciliation Committee, following rules and procedures defined by the President of the Judicial Council or his authorised representative. Existing rules and procedures outlined in Resolution No. (3) of 2021 remain in effect until a new resolution is issued. The revised text of the article also empowers the CASD and the Family Guidance and Reconciliation Committee to engage experts to elicit technical opinions. The decision to engage an expert must specify the scope of work, timeframe, fees, and the party responsible for payment. If conciliation is successful, it is documented in a Conciliation Agreement signed by the disputing parties and approved by the conciliator. This agreement shall carry the legal force of a writ of execution once the executory formula is applied. Article 8 of the law addresses dispute registration and review procedures before government entities and other authorised entities. Article 9 details the duties of the Chief Justice. Article 23 focuses on the 'Conciliation Agreement,' its format, resulting outcomes, and obligations for the disputing parties. Article 24 specifies the conditions under which a Conciliator's assignment shall be deemed to have concluded. Article 27 of Law No. (9) of 2025 outlines the requirements for approving a Conciliation Agreement and validating the executory formula. The Conciliator, after verifying these requirements, approves the agreement and endorses the executory formula. Disputing parties can only challenge the Conciliator's decision if they have reasonable grounds to show they were victims of fraud or deception. Such challenges must be submitted within five business days of the agreement's approval, and the competent judge will issue a ruling on such concerns within five business days. The ruling thus issued is final. The article also stipulates that a copy of the agreement is provided to the relevant parties alone, and that the issuance of a second copy requires a court order provided the original is lost or unusable. Article 28 of the new law specifies criteria for Dubai Courts to accept lawsuits requiring prior conciliation attempts, outlining procedures for referral to the CASD or the Family Guidance and Reconciliation Committee. Article 30 specifies the fees for dispute registration and Conciliation Agreement approval. The new law will be published in the Official Gazette and come into effect upon its publication. It is worth noting that the 'Regulation of Conciliation in Dubai' law aims to promote amicable dispute resolution through conciliation, encouraging alternative dispute resolution mechanisms, strengthening contractual relationships and business ventures through amicable settlements, expediting dispute resolution, and ensuring absolute confidentiality throughout the process.
Emirates 24/7
3 days ago
- Politics
- Emirates 24/7
Mohammed bin Rashid meets top high school achievers in the UAE, commends their academic excellence
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, met with top high school achievers from across the country, praising their outstanding academic performance. His Highness expressed his pride in their accomplishments, which he said reflect a spirit of determination and excellence. During the meeting that took place at the Union House in Dubai, His Highness commended the students for their efforts in setting a high standard for educational success, noting that knowledge and learning are fundamental pillars for national progress and prosperity. Addressing the students, His Highness encouraged them to view this milestone as a guiding light for the future, urging them to aim higher and deepen their contributions to the development of their nation and society. 'We celebrate the achievements of the nation's top students and extend our appreciation to their families and teachers, whose support was essential to this success,' His Highness said. 'These accomplishments are a source of immense pride, and we look forward to seeing these students make even greater strides across various fields of knowledge.' His Highness added: 'We share this joy today because we believe that success in education is the beginning of all success, and academic excellence is the cornerstone upon which all future achievements are built.' He continued: 'The top-performing students are shining examples we are proud of. This achievement is not the final stop, but the beginning of a long journey of distinction. We expect this path of excellence to continue, serving as an inspiration to others.' The students expressed their gratitude at meeting His Highness Sheikh Mohammed bin Rashid Al Maktoum, describing his words as a lasting source of motivation that will guide them in their academic and personal journeys. Follow Emirates 24|7 on Google News.
