Canceled Dubai real estate

Dubai liquidates Cancelled Real Estate Projects

January 3, 2019

Dubai liquidates Cancelled Real Estate Projects By a decree issued last July 2013 by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, a special legal committee will be set up in order to liquidate canceled real estate projects in Dubai. The mission of the judicial committee is to settle disputes between property developers and investors over canceled projects. The committee will provide settlements, resolve grievances and address procedural issues in addition to the liquidation of projects that have been decisively canceled by the Real Estate Regulatory Agency (RERA) as per Law No. (13) of 2008 and its regulations. In order to carry out its duties, the committee is authorized to appoint experts and to seek the assistance of auditors to examine the financial status, cash transfers and deposits in escrow accounts. The money of investors will be refunded after selling the developers assets in the auction or by using the money available in the escrow accounts. Fahmy Hallag Head of Litigation Team at Al Suwaidi & Company commented “the committee will be more effective in protecting the investor’s rights. It will help parties save time and efforts by taking a comprehensive approach to the settlement and resolution of issues.  The committee will have access to resources such as purchasers list which will enable it to estimate the money available in the escrow accounts. In addition, the committee’s decisions will be final, not subject to appeal and will be carried out through all Dubai courts”. Having extensive real estate knowledge, we provide thorough advice underpinned by familiarity with the industry. We advise both commercial and residential tenants and landlords, purchasers, major contractors, and multinational developers. In addition, our lawyers frequently represent clients in the Real Estate Regulatory Agency (RERA), as well as arbitration tribunals and courts. Our team possesses both the flexibility and commitment needed to work closely with clients, consultants, contractors, and other professional advisors. “Our experienced lawyers are well informed and adept in handling a variety of issues that may arise.”

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“Tanweer” The awaited Real Estate Investor Protection Law

January 3, 2019

The Dubai Land Department (DLD) has circulated a new investor protection law which aims to protect the rights of property investors in Dubai. A move well welcomed by the emirates industry professionals and legal experts and expected to restore confidence in Dubai real estate sector. The coming law aims to improve the clarity and fairness of the contractual relationship between the developers and the buyers. Keys points are to be pointed out such as: Buyer’s rights for compensation in case of delivery of defective property or in case the developer fails to deliver the property on time. Contract cancelation conditions. Common areas management agreements. Obligation to communicate the Project advancement, date of completion. Service fees, common areas, and facilities. Contracts are written in both English and Arabic. Additionally, the draft aims to establish a fair transaction between developers and investors. In this spirit, it prevents investors from selling or marketing reserved properties and requires the registration of their purchase agreements with the Land Department. Mohammed Al Suwaidi, Managing Partner of Al Suwaidi & Company said: “Any initiative that aims to clarify the duties and obligations of the contracting parties is a welcome step forward sustaining the real estate sector growth”. “A clear and sophisticated contract can reduce the frequency of disputes pursued through the courts or referred to arbitration and doubtless guarantee the rights of both parties when engaging such resolution disputes”. He added.

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Tenth Annual In-House Congress Middle East 2016

January 3, 2019

Al Suwaidi & Company co-hosted the Tenth Annual In-House Congress Middle East, held in Dubai on 2 March 2016. The event brought together leading In-house lawyers, compliance professionals and senior executives from both the private and public sectors. It also provided an opportunity to meet with industry peers and thought leaders to discuss issues centered around the “In-house community”. Mr. Mohammed R. Alsuwaidi, Founder & Managing Partner of Al Suwaidi & Company, featured in a panel discussion based on “Talent & External Counsel Management, Cost Effectiveness and Methods to Enhance Personal Relationships” Mr. Alsuwaidi gave a valuable insight into the skills and attributes required to achieve, develop and maintain a strong relationship between in house lawyers and their external colleagues, based on his personal experience of both areas. We are pleased to align ourselves with the In-House Congress Dubai and hope to be part of other successful events in future

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Carol Gately Speaks at IBN Construction Sector Meeting

January 3, 2019

“Carol Gately Senior Associate was delighted to speak to members of the Construction and Engineering industries at the first IBN Construction Sector Meeting of 2016. Carol is seen here with Tom Riordan IBN Sector Head, introducing Carol to the attendees in the Bonnington Tower Hotel yesterday evening”.

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