The number of property and construction disputes heard at the Dubai International Arbitration Centre (DIAC) more than doubled last year as the financial crisis took hold.
The centre handled 206 cases last year arising from the property and construction sectors, compared with 100 in 2008.
Of last year's disputes, 126 were property-related and principally between large commercial investors and developers of overdue projects. The remaining 80 cases were from the construction sector.
DIAC's workload is expected to increase further this year as the fallout from the financial crisis continues to be felt, said Fathi Kemicha, an executive committee member at DIAC, which is part of the Dubai Chamber of Commerce and Industry. "The latest indications are that it will not slow," he said. "On the contrary, when you have a crisis, there are more disputes."
Meanwhile, DIAC also handled 81 cases last year that revolved around "breaches in commercial contracts" across all sectors, while just five cases related to the insurance and shipping sectors.
Arbitration is a legal process in which disputes are resolved by a third party without recourse to litigation, which can be expensive and time-consuming.
"You don't need to go to court if you have an enforcement of a decision from DIAC," Mr Kemicha said. "The final award is final and that's it."
Most of the property disputes involved late or non-delivery of projects, while contractors were chasing compensation for cancelled projects or late payments from developers. Other cases involved subcontractors seeking payments from main contractors.
A slowdown in the emirate's formerly thriving construction sector since the onset of the economic downturn has led to the rise in disputes.
About 240 projects have been cancelled or are indefinitely on hold in Dubai, according to Proleads, an industry auditing company based in the emirate.
A construction lawyer in Dubai, who asked not to be named, said most of the disputes were caused by a "lack of attention" to contract details when they were signed, mainly because developers and contractors were "caught up in the boom".
One of the biggest cases to emerge last year was between Arabtec Holding, the UAE's largest construction company, and Meydan Group, the developer behind the Meydan Racecourse in Dubai.
Arabtec and its joint-venture partner, Malaysia's WCT Engineering, are seeking Dh1.6bn (US$435.5 million) in compensation after a Dh4.77bn deal to build the recently opened racecourse was cancelled half-way through construction in January last year. Arbitration continues in the case.
Over the past year, DIAC has had to hire more legal experts to handle the backlog of cases and is seeking more experts, added Mr Kemicha. "We handle some huge cases and you need to have experienced arbitrators."
Law firms have also seen a rise in demand for their services over the past year, although the number of construction-related cases has fallen slightly in recent months, said Philip Punwar, a partner at Fulbright and Jaworski in Dubai. "Things have settled down a bit," he said.
"I think people have overcome the shock at the onset of the financial crisis and many have worked out some way forward for themselves. Companies are also reluctant to commit their resources to arbitration and hope they can reach an amicable solution."
Meanwhile, he said, disputes between investors in property and developers of projects that are late currently make up the largest number of cases.
"It's mainly for commercial property, say an investor who bought 15 units in a building that is way beyond schedule. But every now and then you will come across a case that might be about a single villa, for example."
@Email:agiuffrida@thenational.ae
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
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.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
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
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
