Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, opened the new session of the Federal National Council (FNC) on Wednesday.
He ushered in the start of the third session of the 17th legislative chapter of the consultative body in Abu Dhabi.
The 40-member council, chaired by Saqr Ghobash, has a packed agenda after four months of recess.
Comprising 20 elected and 20 appointed members, the council advises the government on matters of national importance.
It can pass, amend and reject federal laws and discuss international treaties, while it is also a forum for members to raise concerns of ordinary Emiratis.
It was established in 1971 but voting was only introduced in 2006. Members hold office for four years.
The 2019 elections proved hugely significant, as for the first time an equal number of male and female representatives were voted onto the council.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
