Mario Volpi advises a landlord who has two properties in Dubai Marina. Razan Alzayani / The National
Mario Volpi advises a landlord who has two properties in Dubai Marina. Razan Alzayani / The National

Dubai landlord defrauded by real estate agency



I am a landlord of two apartments in Dubai Marina. I handed my apartments through a rental agreement over to a real estate management company at Dh110,000 and Dh95,000 respectively and received three cheques from them. One of them has cleared but now I have heard that they have closed down their offices. On inquiring, I was shocked to discover that they have rented my apartments at much lower values in one and two cheques. There are people at their offices in a similar situation to myself whose cheques have bounced. I’m assuming my cheques will also be returned. Please advise what I should do, IS, Dubai

Sadly you have been a victim of fraud by the agent company and you need to file a case at the rental committee against them. However, I suspect that if the company has closed down, it will be difficult to file such a case. Your other option is to try to negotiate with your occupiers who, let’s not forget, have actually paid rent to stay at the property, albeit not to the right person. If all the above proves useless, your only option would be to file a case against the company with the police.

My 12-month tenancy expires on July 26, 2015. On December 18 last year, I received a letter by registered post that gave me 12 months' notice to vacate the property as the owner needed the property for "personal use". Does this mean I have 12 months to vacate from December 18 2014 or should I get 12 months' notice from the expiry date of my contract (July 26, 2015)? In other words, should I move out in December this year or do I get the right to renew for 12 months from July? I have subsequently received a text message from the landlord that says that they will renew my contract until December this year as they are putting the house on the market. I have not responded to any correspondence yet as I want to know my rights. LB, Dubai

Law 33 of 2008, Article 25, section 2 clearly states that for certain reasons and wishing to gain possession for own (landlord) use or selling the property, the landlord has to give 12 months’ notice upon expiration of the tenancy contract.

So your landlord cannot request your eviction from the date of their 12 months’ notice in December as this notice was given at the wrong time. They have to give the 12 months’ notice from the July date, so you will be lawfully requested to leave from July 25, 2016.

My landlord announced at the end of the first year of my tenancy that he wished to sell the apartment. He gave me a 12-month eviction notice saying that we should vacate by June 15, 2015 (when the lease ends), as he wanted to sell. I contacted him a few days ago (he lives abroad) as nobody had come to see the apartment so far. He said he had changed his mind about selling and that if we wanted to stay on for another year, he was prepared to extend the lease for another year but that he wanted a 5 per cent increase in rent. I checked on the Rera website and it confirmed that no rent increase was applicable to the apartment. Can I insist on a renewal with no rent increase? The landlord has been decent and we have a good relationship, though I have never set eyes on him in my life. SM, Dubai

You are absolutely correct in your assumption that if the Rera calculator states no increase, then your landlord is not entitled to an increase. Any changes to the contract, including wishing to renew, have to be communicated to either party giving 90 days’ notice, normally in writing (email is sufficient). As he no longer wishes to sell he cannot enforce the 12-month vacating notice, so if you wish to renew he will have to renew with you at last year’s rental amount.

Mario Volpi is the managing director of Ocean View Real Estate and has worked in the industry in the emirate and in London for the past 30 years. Send any questions to mario@oceanviewdubai.com

The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek appropriate independent legal advice

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Arabian Gulf Cup FINAL

Al Nasr 2

(Negredo 1, Tozo 50)

Shabab Al Ahli 1

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8 UAE companies helping families reduce their carbon footprint

Greenheart Organic Farms 

This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.

www.greenheartuae.com

Modibodi  

Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.

www.modibodi.ae

The Good Karma Co

From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes. 

www.instagram.com/thegoodkarmaco

Re:told

One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.

www.shopretold.com

Lush

Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store. 

www.mena.lush.com

Bubble Bro 

Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.

www.bubble-bro.com

Coethical 

This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.

www.instagram.com/coethical

Eggs & Soldiers

This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.

www.eggsnsoldiers.com

Results
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