FNC debates absences at crucial budget vote



ABU DHABI // When the 2011 budget resolution came to the floor last week for a vote at the Federal National Council (FNC), only 21 out of 40 members were there to vote it through.

The final session of the year was packed with two pieces of critical financial legislation - a public debt law and the federal budget.

But just 30 members were present at the start of discussions - and nine left during the course of the day.

Failing to vote on the budget would paralyse the federal Government, preventing it from disbursing funds to its ministries, said Obaid Humaid al Tayer, the Minister of State for Financial Affairs.

In interviews with FNC members, several said many members missed one of the year's most crucial sessions because of: the holiday season; other obligations like conferences, or members going on Umrah; and the late schedule of the budget debate.

But others said there was a growing malaise among members as the council's term neared its end next month with no elections in sight, while some were unhappy with the handling of the budget debate, and said they felt stifled. Most members, however, said the oath of office mandated they did not abandon the chamber.

"Since we came to the session, we have to finish it," said Yousef al Neaimi, a member from Ras al Khaimah. "Is there a more important issue than the federal budget? If it is not approved, all of this would stop. The members are clearly at fault."

Mr al Neaimi said he expected members to miss more sessions in the month-and-a-half that remained of the FNC term because of the lack of clarity on the legislature's future.

"There is no clear vision for the council now," he said. "This is the question for all members - what happens after February 12?"

Many of the council's proposals, which were approved by the Cabinet, had not seen the light of day.

"As a member you are frustrated," he said. "[We] all worked hard and saw nothing."

Khalid bin Zayed, a member from Dubai who missed the session because he was attending a conference abroad, denied that members were not attending because they felt disenchanted.

"This is not correct and is illogical - as members we are going to work until the last day," he said.

Sultan al Muazzin, a member from Fujairah who walked out of the session, said he left after requesting an opportunity to speak for hours without getting to do so.

Dr al Muazzin said he was being stifled from participating in the budget debate because a month earlier he had voted to cut the FNC's budget as part of the wider cuts to the federal Government, a move that a large majority of the members opposed.

Members who opposed cutting the council's budget were the ones who got the opportunity to participate in the debate, he said. "I am not just filling a spot," he added.

If his departure had left the council without the legal minimum to vote on legislation, he would not have stepped out, he said.

Ahmed al Khateri, a member from Ras al Khaimah, said he did not attend the session because he was travelling with family. Mr al Khateri said attending the FNC sessions was a "moral duty", adding that he doubted that members would deliberately skip a session to protest against the budget.

Mohammed al Zaabi, a member from Sharjah, said any objections did not justify walking out of the session. "I do not support excusing yourself from the session," he said. "[The member] should object inside the chamber.

"Even if the budget does not satisfy us, we do not accept obstruction."

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Know your cyber adversaries

Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.

Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.

Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.

Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.

Phishing: Aims to secure personal information, such as passwords and credit card numbers.

Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.

Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.

Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.

Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.

Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.

Zero-day exploit: Exploits a vulnerability in software before a fix is found.

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5