Will higher rating mean higher rents?

Dubai: Dubai residents living in buildings with higher ratings in green building standards will have better comforts and slashed electricity bills. However, they may end up paying higher rents, Gulf News has learnt.

Homes furnished with recycled materials, having more ventilation, better natural lighting, cooler parking areas and reduced electricity bills — these are some of the major benefits projected for occupants of green buildings.

However, an increase in five per cent of investment is estimated for achieving the mandatory bronze category rating in the newly announced Al Safat green building rating system. The higher the rating aimed at, the more the investment required.

Though the municipality has not announced any incentives to encourage developers to go for higher ratings, the civic body is encouraging them to use their ratings as a new marketing tool since the comfort level and savings in electricity bills will be higher in such properties, according to Essa Al Haj Al Maidour, the Deputy Director-General of Dubai Municipality.

Another official said the civic body will be consulting the RERA, the Real Estate Regulatory Agency, to implement a green building rating-based system for rents.

“We are working now to put a limit for rent for each category,” said Ahmad Saeed Al Badwawi, head of research and building material studies at the Building Department.

He confirmed that the plan is to allow buildings with higher ratings to take more rents. “….because they have a lot of saving in energy bills”.

If the electricity bill is Dh1,000 per month for a consumer in a silver-rated apartment, it will be half of it for an occupant of a platinum-rated apartment, he justified.

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Client Testimonial: William Robinson

“I am very pleased with the recent settlement which Motei Associates achieved for me. The outcome was unexpected and much better than I had thought likely. It has been enormously helpful to me.”

William Robinson
London, UK
May 2016

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Client Testimonial: Media Prima, Dubai

“My company and I have employed the services of Motei and Associates, and notably Mr. Ashraf El Motei, for over two years. While dealings with the law and legal firms, is never uncomplicated for outsiders, during this period we have forged a relationship that has transcended the norm. Ashraf and his team have smoothed the way forward and given every impression that winning the cases, we have been involved with, was personal to them, not simply business. In legal terms, they have gone into battle with us and their guidance, advice and leadership has proven invaluable as we have traversed the dizzying myriad of avenues that is the law and the courts system. If the situation arises, I would have no hesitation in using Motei and Associates and Associates again in the future.”

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Media Prima, Dubai, UAE
October 2014

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Client Testimonial: BEECELL, Amman

“Beecell has been a client of Motei and Associates for several years now and we would like to thank them for their great efforts and professionalism. Motei and Associates are very competent and one of the things we love about them is their promptness and quick response to our needs.”

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BEECELL, Amman, Jordan
March 2014

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New Deadline for Compliance with UAE Law on Commercial Companies

The UAE Cabinet has postponed the deadline for compliance with Federal Law No.2 of 2015 on Commercial Companies. Initially, commercial companies were expected to comply with the new requirements before 30 June 2016. Companies that did not amend their Memorandum and Articles of Association by this deadline would be subject to dissolution and fines.

However, companies and various authorities, including the Securities and Commodities Authority and departments of economic developments across the UAE, reported that some businesses were having difficulties in getting various approvals to comply with the new Law. The UAE Cabinet therefore decided to grant an extension of one year to all commercial companies. The new deadline for compliance to Federal Law No.2 of 2015 is 30 June 2017.

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Off-plan Developers Cannot Increase Cost of Off-Plan Units on Handover

Dubai’s Real Estate Regulatory Authority (RERA) recently stated that off-plan investors cannot impose extra costs on investors after sale. This statement is issued following news in the media that Dubai-based developer “ACW Holdings” was demanding extra costs on handover. In some cases, the cost of the properties the investors had agreed to buy increased by more than 50 percent.

It has been reported that the Sale Purchase Agreement concluded between ACW Holdings and some investors included the following clause: “If the floor area is increased by more than 3 percent the seller shall be entitled to increase the purchase price in accordance with the size increase. The purchaser acknowledges and agrees that all plans, specifications and finishes are subject to the above variations and the purchaser will have no claim against the seller for any such variations”.

As per the real estate Law, clause 2 of Article 13 of Executive Council Resolution No (6) of 2010 approving the Executive Regulation of Law No (13) of 2008 concerning the Regulation of the interim real estate register in the Emirate of Dubai provides that: “Any area in excess of the net area of the sold Real Property Unit may not be taken into consideration. Unless agreed otherwise, the developer may not claim the value of such extra area.”

Thanks to RERA’s mediation, investors dealing with ACW Holdings will not have to pay any additional costs before handover of their properties.

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Mars, Snickers bars pulled off shelves in 55 countries

BERLIN – It is the first time that Mars has had to recall products made at its Veghel factory, opened in 1963, which employs some 1,200 people.

Chocolate giant Mars on Tuesday ordered a massive recall of Mars and Snickers bars from 55 countries after a piece of plastic found in one bar was traced back to its Dutch factory.

“As far as we know there are 55 countries involved,” said Eline Bi-jveld, Mars corporate affairs coordinator for the Netherlands. The recall “only involves the products that are made in the Netherlands”, at the Mars factory in the southern town of Veghel.

The move comes after a customer found a red piece of plastic in a Snickers bar bought on January 8 in Ger-many. After he complained to Mars, the plastic was traced back to Veghel which determined that it came from a protective cover used in the plant’s manufacturing process. “We are currently investigating exactly what’s happened, but we cannot be sure that this red piece of plastic isn’t in any other of our products from the same produc-tion line,” Bijveld said.

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