Dubai - Husbands and wives made up 68 per cent of wills last year, a number that reflects the importance on protecting mutual assets in Dubai, the registry reported.
Published: Wed 11 May 2016, 12:00 AM
Updated: Wed 11 May 2016, 2:00 AM
On its first anniversary, the DIFC Wills and Probate Registry celebrated the milestone of 1,000 wills registered.
Husbands and wives made up 68 per cent of wills last year, a number that reflects the importance on protecting mutual assets in Dubai, the registry reported.
The remaining 30 per cent came from unmarried individuals, while 2 per cent were guardianship wills to safeguard children. "Reaching 1,000 registrants is a major step forward in providing people who live and invest in Dubai with the certainty that their wishes as expressed in their wills will be honoured and respected," said Sean Hird, the registry's new director.
Majority of registrants were UK nationals followed by Indians, the two largest investors in Dubai's real estate sector as shown by official figures. After GCC nationals, UK and Indian nationals invested Dh10 billion and Dh20 billion in 2015 respectively. But while a large number of UAE residents have investments, up to a quarter of Dubai residents may be eligible to register their will, according to Suvo Sarkar, Senior Executive Vice President and Group Head of Retail Banking and Wealth Management at Emirates NBD.
"As more flow into the country in the next few years, the Wills and Probate Registry is in the optimal position to cater to this group and ensure their assets are protected," said Sarkar. The registry is a joint initiative of Dubai Government and DIFC Courts that allows non-Muslims in the city to secure their assets and family's future through a common law will.
reporters@khaleejtimes.com
E-Paper
Sign In
iPhone | iPad
Android
0°C 
