My tenant moved out five months ago and refuses to pick up his deposit cheque. I deducted Dh1,500 from the original Dh8,000 security deposit for the following items:
1. Giant holes left in the walls from the removal of curtain rails etc
2. A towel rack that was taken by the tenant
3. Palm tree in the garden that was not sufficiently watered and died during the tenancy
4. Initial rental cheque bounced which entails a Dh500 penalty as mentioned in our rental agreement.
5. Tenant failed to vacate the property on the day the agreement ended and required an additional day to move out.
I have now moved into the house myself and repaired the holes left behind by the tenant. However, he is threatening to take me to court and says I will have to pay their legal feels.
Do I have something to worry about? The initial cheque I wrote to return the deposit may expire after six months if not cashed. Is there anything I should be doing to protect myself? AR, Dubai
A landlord is perfectly within his or her rights to deduct monies from the tenant's security deposit to have their property returned in the same condition it was given. In your case it would be more helpful if there is was an agreement to any deductions between the parties.
It is clear that your tenant does not agree with your deductions but do not panic.
For any work you had to do to the property to replace or renew, please keep the receipts and proof of costs. This way you can justify your deductions.
With reference to the tenant taking you to court, again I would not be too concerned because you have not done anything that could be deemed unreasonable. Assuming the property was in good condition, clean and tidy at the start of the tenancy then it is only fair that it is returned in the same manner. If the tenant does take it further and you are called upon by the authorities to justify yourself, stand your ground and show your evidence (receipts, photos etc.)
Cheques do have a validity of six months, so if your cheque has now expired, you can always write a new one, once all has been sorted.
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Last year, my landlord did not want to renew the tenancy. I went to the Rental Dispute Settlement Centre and deposited the cheques there. My lease started on April 1 2017 and on April 31 I received a notice stating the landlord is asking me to leave maximum by May 1 2018 because he landlord wants to sell as the buyer wishes to view a vacant apartment. However, I know that they just want to get me out of the apartment. A buyer would like to come and see the place before buying, but no one has come so far. Do I have to vacate or do I have a chance if I revisit the RDSC? AB, Dubai
A landlord is perfectly entitled to send an eviction notice via notary public or registered mail for the reason of selling. I do know that in the past some judges at the RDSC have asked the eventual buyer to re-issue another 12 months notice to the tenant, should the same buyer indeed wish to move into the property themselves. That said, the law is not set on precedent so I cannot guarantee exactly what the judges would agree upon in your case.
If 12 months have expired since your landlord issued you with the notice but no buyer has been found, it is possible a judge might allow you to stay on until the property is indeed sold.
Remember that there is a charge of 3.5 per cent of the rental amount to open a case at the RDSC.
Given the current challenging market, I think it would be better to speak with the landlord and try to sort things out rather than just proceeding to file a case at the RDSC. Perhaps you can tell the landlord that if a buyer is found, you could be persuaded to move out at a later stage. If the landlord knows you are willing to work with him, this will create a better relationship going forward.
Mario Volpi is the sales and leasing manager at Engel & Volkers. He has worked in the property sector for 34 years in London and Dubai.
The opinions expressed do not constitute legal advice and are provided for information only. Please send any questions to mario.volpi@engelvoelkers.com
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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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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SUE%20GRAY'S%20FINDINGS
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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When: October 17 until November 10
Cost: Entry is free but some events require prior registration
Where: Various locations including National Theatre (Abu Dhabi), Abu Dhabi Cultural Center, Zayed University Promenade, Beach Rotana (Abu Dhabi), Vox Cinemas at Yas Mall, Sharjah Youth Center
What: The Korea Festival will feature art exhibitions, a B-boy dance show, a mini K-pop concert, traditional dance and music performances, food tastings, a beauty seminar, and more.
For more information: www.koreafestivaluae.com
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If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
