Dubai: A developer delivering a promise via a WhatsApp message? A few property owners in Dubai are finding that this has come to cost them quite a bit.
It was last year that a developer with a soon-to-be-handed over project at JVC (Jumeirah Village circle) informed property owners that any of them hit by a job loss or salary cut due to the pandemic would be offered lenient terms on their pending payments. A senior official with the developer sent messages to owners over WhatsApp saying any concerns they have will be addressed immediately.
One owner had lost her job mid last year and was placed in a tight spot when it came to getting a mortgage on the apartment. The owner duly sounded out representatives from the developer, and one of them wrote back: ‘We will not charge you any penalty for late payment in case of delay [of] mortgage as we discussed.’ This was in August last year.
Dubai: The immediate focus of the revised UAE’s Commercial Companies Law will be on new businesses being launched in the country through 100 per cent ownership of local operations. The immediate - and biggest – gains should be for tech and digital-focussed businesses that want to set up in the mainland and not have to go through free zones for full ownership.
While June 1 has been set as the date for the revised Law to be fully effective, investors and business owners will need to closely watch for add-on developments. The UAE Cabinet will establish a committee, comprising representatives from each of the Department of Economic Development entities, which will be responsible for determining:
UAE Business: UAE s revised bankruptcy law supports SMEs gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.
UAE’s revised bankruptcy law ‘supports SMEs’
DUBAI, December 23, 2020 While around 10,000 SMEs in the UAE have used the economic stimulus provided by the central bank, the revised bankruptcy law could provide SMEs impacted by the pandemic with another opportunity to survive, according to a top law firm. Debtors and creditors in the UAE within the SME sector should work closely and mitigate the risks posed by the pandemic, said Abdulla Alawadi & Associates, one of UAE’s oldest and prestigious law firms. Impacted organisations with in UAE will be in a better position to mitigate the challenges with the recently announced bankruptcy law, the firm said.