Decree Sets Up Committee for Liquidation of Cancelled Property Projects in Dubai
In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Decree No. (21) of 2013 setting up a special legal committee for the liquidation of cancelled property projects in the emirate of Dubai and the settlement of rights disputes related to such projects.
Article three of Decree No. (21) of 2013 stipulates that all resolutions and decisions issued by the special legal committee are final and not subject to appeal. Dubai Courts will be tasked with the implementation of such resolutions and decisions.
The special legal committee is tasked with the settlement of disputes between property developers and investors over cancelled projects in addition to the liquidation of projects that have been decisively cancelled by the Real Estate Regulatory Agency (RERA) as per Law No. (13) of 2008 and its regulations. The settlement of rights disputes, grievances and complaints will be carried out noting that settlement fees will be deducted.
In order for the special legal committee to carry out its duties, it is entitled to appoint specialists and consultants. Auditors are to be appointed on the expense of the property developer to carefully examine the financial status, cash transfers and deposits related to the cancelled projects in question. The committee has the right to take actions and issue decisions to guarantee the rights of those who have purchased property that fall into this category.
As per article three of decree, neither Dubai Courts nor Dubai International Financial Centre Courts will accept appeals or cases that fall under the specialty of the aforementioned committee. Such complaints, cases or appeals will therefore be transferred to the special legal committee set up as per the decree.
The decree halts the implementation of relevant verdicts and resolutions issued by all courts in the emirate of Dubai – including the Dubai International Financial Centre Courts – which fall under the specialty of the special legal committee.
The decree is effective from its date of issuance and shall be published in the official gazette.
In his capacity as the Ruler of Dubai, UAE Vice President and Prime Minister His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued decision No. (9) of 2013 restructuring the Emirates Institution for Advanced Science and Technology (EIAST) Board of Directors.
The decision names Hamad Obaid Al Shaikh Al Mansouri as Chairman of the Board of Directors of the Emirates Institution for Advanced Science and Technology and Yousef Hamad Ahmed Al Shaibani as Deputy Chairman.
Other members of the board include Mansour Abdullah Mohammed Bastaki, Mohammed Saif Al Meqbali and Mansour Jumma Bu Aseibah.
The decision is effective from its date of issuance and shall be published in the official gazette.