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Khaleej Times
02-03-2025
- Business
- Khaleej Times
Dubai property: Increased service charges? How villa owners can contest 'unfair' hikes
Question: I own a villa in a community in Dubai. Can the developer increase service charges a few years after the handover? Is there any way to contest this increase if I feel they are unfair? Answer: It is assumed you are paying certain common service and usage charges towards (including but not limited to) utility services, common areas and drainage systems. It is further assumed that your villa is one of the major projects in Dubai, therefore, the provisions of jointly owned properties should be applicable. Article 1 of the Law No. 6 of 2019 Concerning Ownership of Jointly Owned Real Properties in the Emirate of Dubai are stated herein below: Building Management Regulation: A document prepared in accordance with the relevant by-laws issued by the DLD (Dubai Land Department), and entered in the Jointly Owned Real Property Register, which states the procedures for maintenance of common parts, including equipment and services in any part of another building and the percentages of the contribution of owners in the relevant costs. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Owners Committee: A committee constituted from amongst owners in accordance with the provisions of this Law. Service Charges: The annual charges collected from owners to cover the cost of management, operation, maintenance, and repair of Jointly Owned Real Property. Management Company: A sole proprietorship or a company recognised by RERA (Real Estate Regulatory Authority) and specialised in managing common facilities, jointly owned real property, or common parts, as the case may be. Utility Services: These include water connection or supply; gas connection or supply, electricity; air conditioning; telephone, computer, television, and telecommunication cables, sewerage, rainwater drainage, garbage and waste removal or disposal; mail, parcel or cargo delivery; and horticulture and agriculture services, as well as any systems or services intended for improving common facilities or common parts. Major Project: Any jointly owned real property designated as a major project in accordance with the relevant criteria approved by the Director General. If a property is within the category of major projects, then the master developer may have to undertake management and maintain the said project. This is under Article 18 (a) (1) of the Dubai Jointly Owned Properties Law, which states that Major Projects shall be managed by the Developer. Furthermore, a master developer may outsource the maintenance work to a management company. This is under Article 19 of the Dubai Jointly Owned Properties Law, which states: 'The master developer of the master project shall undertake the management and maintenance of the common facilities in that project. The master developer must outsource such management and maintenance to a management company under a written agreement approved in advance by RERA.' Article 25 of the Dubai Jointly Owned Properties Law states that the owner of the property shall pay the service charges and Article 38 of the Dubai Jointly Owned Property Law states that the Real Estate Regulatory Authority of Dubai (RERA) may replace a management company of the building. If a dispute arises, any party may approach the Rental Dispute Centre (RDC), Dubai, to resolve a dispute as stated in Article 42 of the Dubai Jointly Owned Property law. Based on the aforementioned provisions of law, you may initially discuss the increase in the service charges as levied by your developer or by the management company which is managing your villa. If you and the developer/management company are unable to mutually agree to the service charges you may approach the RDC to resolve the said matter.
Arab Times
08-02-2025
- Arab Times
Kuwait Anti-Narcotics Forces Seize 77 Guns, Drugs, and Tranquilizers in Major Crackdown
KUWAIT CITY, Feb 8: A security source from the General Department for Combating Narcotics disclosed that during the past year, a total of 77 firearms, including mostly machine guns, were seized in "anti-narcotics" operations. Along with the firearms, authorities also confiscated tons of narcotics and millions of tranquilizer pills. The source emphasized that the connection between drug dealers and firearms requires careful and precise handling to ensure that these weapons are not used for further criminal activity. The individuals arrested with firearms were referred to the judiciary in two separate cases: one for drug trafficking and the other for the illegal possession of firearms. According to Kuwaiti law, possession of firearms without a license can lead to a prison sentence of up to five years. As per Law No. 6 of 2015, which regulates the collection of weapons, ammunition, and explosives, anyone found in possession of unlicensed weapons or explosives may face imprisonment for up to five years, along with a fine of up to 10,000 Kuwaiti dinars, or one of these penalties after the period specified in Article Six. To obtain a weapon license in Kuwait, applicants must meet the following conditions: - They must be a Kuwaiti national (or have an exemption from the Minister of Interior if they hold another nationality). - Applicants must be at least 21 years old and capable of handling weapons. - They must have good conduct and no criminal record. - They should not be under surveillance or suspicion by security authorities. - They must be employed or have a legitimate source of income. - An official application must be submitted to the Minister of Interior through the General Department of Criminal Evidence.
Yahoo
05-02-2025
- Business
- Yahoo
ITAÚ UNIBANCO - MATERIAL FACT
SíO PAULO, Feb. 5, 2025 /PRNewswire/ -- Itaú Unibanco Holding S.A. ("Itaú Unibanco" or "Company"), in compliance with the provisions of Article 157, paragraph 4 of Law No. 6,404/76 and Resolution No. 44/21 of the Brazilian Securities and Exchange Commission (CVM), informs its stockholders and the market in general that it released as of this date its projections for the year 2025 in accordance with item 3 ("Projections") of the Reference Form. Consolidated(Res. 4,966 criteria) Total credit portfolio¹ Growth between4.5% and 8.5% Financial margin with clients Growth between 7.5% and 11.5% Financial margin with the market Between R$1.0 bn and R$3.0 bn Cost of credit² Between R$34.5 bn and R$38.5 bn Commissions and fees and resultsfrom insurance operations³ Growth between 4.0% and 7.0% Non interest expenses Growth between 5.5% and 8.5% Effective tax rate Between27.0% and 29.0% (1) Includes financial guarantees provided and private securities; (2) Composed of results from loan losses, impairment and discounts granted; (3) Commissions and fees (+) income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium bonds selling expenses. It is important to mention that, as of February 2025, the company considers a cost of capital of around 15.0% p.y. in the management of its businesses. Information on outlooks for the business, projections, and operational and financial goals are solely forecasts, based on management's current outlook in relation to the future of Itaú Unibanco. These expectations are highly dependent on market conditions, the general economic performance of the country, of the sector and the international markets. Therefore, our effective results and performance may differ from those forecasted in this prospective information. São Paulo – SP, February 05, Lopes RodriguesInvestor Relations Officer Contact: Itaú Unibanco – Comunicação Corporativa Phone: (11) 5019-8880 / 8881 E-mail: imprensa@ View original content: SOURCE Itaú Unibanco Holding S.A. Sign in to access your portfolio
