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Dubai Banks Refuse to Stop Cheques for Rent Payments

Dubai, UAE : 22 July

Tenants in Dubai have accused Dubai banks of refusing to allow stop payment requests on cheques made out for rentals.

They say that the banks act in favour of the landlord, even if there is some sort of “genuine problem” that tenants need the cheque to be stopped. This may include retrenchment or other legitimate reasons. While laws in different Gulf nations do differ, generally in terms of existing UAE legislation there is a possibility that people whose cheques bounce can go to jail if somebody decides to file a “police case” against them. In any case they will be charged a penalty fee by their bank if there are insufficient funds to honour the cheque.

According to one tenant who, lost his job in Dubai, the bank said they would only stop the cheque issued for rent if the landlord consented to this in writing. Clearly the landlord was not prepared to forego the rental payment and so the tenant was forced to allow the cheque to bounce.

Another Dubai tenant said that three months notice in writing was not sufficient for their landlord. In the end the landlord demanded a penalty payment amounting to two month’s rent and said that if this wasn’t paid, he would deposit the rent cheques in hand.

According to property agents in the region, many people who lose their jobs fail to honour rental agreements and simply allow their rental cheques to bounce. Agents acknowledge that a shortage of funds is the reason, but say that tenants think they will be able to negotiate new terms when their circumstances change for the worse. Agents confirm that landlords are generally reluctant to give rental cheques that have been issued to them back to tenants who want to vacate the property before the lease terminates.

Sharjah changed its laws regarding tenancy in January this year and now if tenants are forced to “exit” lease contracts for any reason that is beyond their control, they can do so provided they pay 30% of the money that is due until the lease expires.

There is no similar law in Dubai, but during November last year the government set up a “judicial committee” that now deals specifically with “bounced cheque” issues that relate specifically to property and tenancy.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
22 July

GCC Businesses Told to Familiarise Themselves with New Tax Laws

One of the world’s largest auditing companies, PricewaterhouseCoopers has warned businesses in the GCC to monitor changes in the tax laws and be sure to abide by them.
Any organisation that is not aware of the changes should make a point of reading PricewaterhouseCoopers’ new bi-annual Tax Update for the Middle East. PricewaterhouseCoopers is considered to [...]

21 July

The GDP in Oman Expected to Grow by More Than 7%

The Arab Organisation for Industrial Development and Mining (the AOIDM) has predicted that GDP growth in Oman will increase by as much as 7.3% this year.
In a report released by the AOIDM, non-oil sector diversification is singled out as the primary boost for growth. Analysts note that this sector of the GDP tripled from the [...]

21 July

High Prices of Oil Help Kuwait Keep Surplus Afloat

Kuwait’s budget boasts nearly KD7.1 billion surplus
If oil prices remain high Kuwait will rest in another large fiscal surplus at the close of their current 12 month fiscal period.  This is despite the inflated spending the emirate has done as part of their expansive investment package, a leading Kuwait bank stated recently.
The forecasted price of [...]

21 July

The Economy of Qatar Continues to Grow in Spite of Bad Debt

The economy of Qatar has grown steadily at about 17.4% over the last 5 years. Furthermore, the Doha Bank which is based in Qatar has just announced second quarter (Q2) profits that are higher than analysts expected.
Analysts reportedly expected their profits would be on average, QR274.7-million, while in fact they have averaged QR299.7-million.
On the down [...]

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