The Emirates Oasis Villas are due to be demolished in February next year. Pawan Singh / The National
The Emirates Oasis Villas are due to be demolished in February next year. Pawan Singh / The National

Families told to leave Dubai community marked for demolition



DUBAI // Families living in a quiet villa community say they are being bullied into leaving by developers who plan to pull down their homes in nine months’ time.

The tenants, many of whom have renewed rental contracts until next year, were sent eviction letters in February warning them to leave by September as the 90 villas off Sheikh Zayed Road will be demolished in February 2015.

However, instead of moving, several residents have decided to stay in the Emirates Oasis Villas and have asked for a mandatory 12-month notice required under property laws.

Property manager Asteco Property Management, on behalf of developer the Al Habtoor Group, said the notices were legally valid and have warned tenants that landlords can start preparation work ahead of the actual demolition. Soil testing work began three weeks ago and tenants have complained about noise from digging machinery and generators.

“The law is clear but they think we have no choice and will leave,” said Abdul, who preferred to give only one name. “We feel bullied and stressed out. This has been handled unprofessionally. I’m not going anywhere until my contract ends next year.”

He is one of more than 50 tenants who have written to the developer asking that legal notices be served by notary public or registered mail in compliance with tenancy agreements.

“We respect the law and they should respect us. All we want is the required 12 months,” said Abdul. He was one of many tenants whose contract was renewed between December last year and February this year, only to receive an eviction notice on February 26.

“We are 30 to 40 families and we will put up a fight because this is not right. We love this compound but these actions have left a sour taste. Many of us have had our kids born here and our children go to school around here.”

Home to doctors, software engineers, architects and lawyers, many residents have lived in the tree-rimmed community dotted with brown picket fences for more than a decade. It is located near several schools. Tenants who approached the Land Department were told the February eviction letter was not valid. They plan to appeal for permission to stay or for compensation for vacating early.

A Land Department official said they often received complaints from individual tenants asked to vacate without required notice.

“Landlords must give the notice of eviction by notary public or by registered mail,” the official said.

“Tenants must receive at least 12 months’ notice that the tenancy contract is not being renewed so it gives people time to search for a new accommodation.”

Asteco maintains the February notice sent by personal delivery along with an acknowledgement receipt from tenants was “a legally recognised valid form of notification”.

“If tenants moved out prior to the expiry of their contracts, we have refunded the balance of any rent paid and refunded their security deposits,” an Asteco spokesman said, adding they were in discussion with only 13 of the remaining tenants for an amicable solution.

“Legally the tenants who wish to can stay in their villas until their contracts expire, but they must also remember that legally the landlord can start preparation work in the vacated areas ahead of the actual demolition,” the spokesman said.

“That could create environmental, security and safety issues and that is our primary concern.”

Asteco said there could be “minimal disruption” from preliminary site works.

rtalwar@thenational.ae

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

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.”

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Did you know?

Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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MATCH INFO

Day 1 at Mount Maunganui

England 241-4

Denly 74, Stokes 67 not out, De Grandhomme 2-28

New Zealand 

Yet to bat

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Match statistics

Dubai Sports City Eagles 8 Dubai Exiles 85

Eagles
Try:
Bailey
Pen: Carey

Exiles
Tries:
Botes 3, Sackmann 2, Fourie 2, Penalty, Walsh, Gairn, Crossley, Stubbs
Cons: Gerber 7
Pens: Gerber 3

Man of the match: Tomas Sackmann (Exiles)

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