Tenants who become involved in a dispute with their landlord could be evicted in just days under changes to rental regulations in Abu Dhabi.
The Rental Dispute Settlement Committee will allow landlords to directly bring in enforcement agents to reclaim to reclaim the money or evict the tenant if they fail to pay outstanding rent.
The rental dispute committee said it will issue a decision in a minimum of two days and a maximum of three weeks.
At present, landlords have to go through a lengthy legal process of up to six months to be in a position to trigger an enforcement notice.
The intention is to quickly resolve disputes where there is a clear party at fault and shorten proceedings in first instance and appeal courts.
Yousuf Saeed Al Abri, undersecretary at Abu Dhabi Judicial Department, said the move is intended to "create an attractive environment for real estate investment in Abu Dhabi" and "ensures simplification of procedures".
The change will come into effect at the end of this week.
“For non-payment of rent, the landlord can bypass the court and proceed straight to the enforcement department for the collection, evacuation and the handover of the leased property," said Ben Crompton, from Crompton and Partners Estate Agents.
“The enforcement period is a great improvement on the current average of three to six months.”
The rent committee was set up to enforce law 20 of 2006. That regulates the legal relationship between landlord and tenants such as how much the rent can be increased and the maintenance obligations.
Tenants can contest their landlord's claims and can also appeal the decision within 15 days.
ADJD and property companies hope the changes will encourage more investment in Abu Dhabi's real estate.
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A wide range of cases end up in court, including for money owed and eviction cases. Cases to recover deposits are also very common.
Other changes cover the sub-letting of properties and rooms without the knowledge of the owner.
When a property is sub-let, or if there is damage or changes to the property such as commercial activity, landlords will also now be able to refer directly to the rental committee for an independent inspection.
Mario Volpi, an estate agent and columnist for The National, said clear and simple rules will encourage confidence in the real estate market.
“Confidence will be boosted by all parties, given that justice will prevail in a much faster manner,” said Mr Volpi, who is sales and leasing manager at Engel & Völkers.
The new procedures are available only if there is a valid Tawtheeq lease certificate for the tenancy registered with the municipality.
Registering lease contracts is already mandatory, though there may be situations where it has not been completed.
Without it, tenants could see landlords take advantage of them, given it reduces the resident's ability to bring a case against them.
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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