real estate Archives - Fichte & Co

February 26, 2020

Force Majeure and the Coronavirus

1.Introduction As at the time of writing this article, the confirmed coronavirus cases now exceed 76,262 and caused more than 2,100 deaths (26 February 2020) (CNN). In the UAE, so far there has been a record of 13 people infected with the virus, however, three of the patients successfully recovered from the virus during the...

February 18, 2020

Everything You Need to Know about the New Joint Property Law

Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint Ownership Law) in Dubai. This newly enacted law repeals Law No. (27) of 2007 concerning Jointly Owned Property in the...

January 14, 2020

Will insurance cover damages by rain? UAE law firm clarifies

Residents have questions whether these damages are covered under the insurance as rains are caused by "intentional act" of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally covered under the UAE insurance policies unless it has been explicitly excluded in the agreement, legal experts have said. Sridhar...

October 30, 2019

Property Disposition: Exemptions from Fines

Exemption from fines for non-registration of real estate dispositions and non-payment of the prescribed fees at the Dubai Land Department We have always seen changes made in the Dubai Real Estate Law which had attracted buyers and investors from all over the world to take interest in buying property in Dubai. The Dubai State Government...

Everything You Need to Know about FIDIC Contract in the UAE

Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20 years and international cooperation, FIDIC contracts are commonly used on construction projects in UAE. However, peculiarities of legislation and special...

October 31, 2018

Examining FIDIC Construction Contracts: Part 1 – The Dispute Adjudication Board

Muqawala contract or construction contract is in its general nature, governed by the general liability rules stipulated in the Federal Civil Transactions Law No. (5) of 1985 as amended by the law No. (1) of 1987. In particular, the specific articles regulating the relationship between the employer, the main contractor and subcontractors are mentioned in...

August 27, 2018

8 Essential Issues to Consider Before Signing your Sale and Purchase Agreement – Dubai Property Laws

Purchasing off-plan property has become the new norm, with affordable prices and the increase in incentives being offered, purchasers are quick to jump on the bandwagon. The Dubai Law No. (8) of 2007 On the Matter of Escrow Accounts for Real Estate Development ("Escrow Law") was issued for the purposes of safeguarding purchaser’s money after...

News Update: FTA Publishes Real Estate Guide to VAT Law

The Federal Tax Authority (FTA) has published a number of guides on its website to further assist taxpayers to understand the VAT Law for Real Estate, and the Regulations. There have been a few legal issues surrounding the supply of real estate- concerning both commercial and residential properties. Despite the detailed provisions mentioned in the VAT...

November 5, 2017

New MoU between Dubai Land Department and Dubai International Financial Centre

The Dubai Land Department (DLD) and the Dubai International Financial Centre (DIFC) entered into a Memorandum of Understanding (MOU) on May 4th 2017, allowing DIFC registered entities to purchase properties and register their properties with the DLD. The MOU stipulates certain “eligible entities” in the DIFC which can own property in Dubai. This covers companies,...

September 11, 2017

Summary of the new UAE VAT Law

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which VAT will be levied in the UAE. We have set out below the key points in relation to the implementation...