The final Law Update of 2022 is here, and it’s packed full of articles. The double edition features two focus areas, first is a spotlight on Energy and Resources and second we feature a collection of articles on Transport and Logistics. The developments occurring in these sectors in the MENA region are unprecedented and our lawyers cover vast themes for you.
The Energy and Resources focus features topics such as diversifying energy resources, solar PV, mining in the Middle East, renewable energy and green hydrogen. From a transport perspective, we draw attention to the Bahrain metro project, discuss the challenges and remedies associated with the repossession of an aircraft, and there is advice on what to consider should a party vary the terms of a shipping contract.
This edition navigates you through updates from across jurisdictions such as, Oman, Jordan, Saudi Arabia, Egypt, Iraq, Qatar, and the UAE. Each article is timely and provides insights into legal issues and cases that are affecting these sectors across the region.Read the full edition
4 September 2019 saw the introduction of Law No. (6) of 2019 Regulating the Joint Ownership of Real Estate in the Emirate of Dubai (the “New JOP Law”). The New JOP Law came into force on 18 November 2019 and repeals Law No. (27) of 2007.
This was followed on 25 December 2019 by RERA Circular No. (2/2019) Regulating Common Property Management Companies, which serves as a timely reminder for all developers and other stakeholders (collectively the “Stakeholders”) to ensure that projects are in compliance with the New JOP Law. Generally speaking, this will require a review of the current governing documents that are in place for a project (i.e. such as the Jointly Owned Property Declaration and/or existing building management statement (the “Governing Documentation”)) and considering what amendments will be required to align with the New JOP Law.
In accordance with Article 48 of the New JOP Law, Stakeholders are required to comply with the New JOP Law by no later than 18 May 2020. Failure to comply may result in the imposition of fines up to AED 1,000,000. A repeat offence within a twelve (12) month period may trigger further fines of up to AED 2,000,000.
Given the above implications for non-compliance, it is crucial that all Stakeholders:
We understand that RERA is still finalising the accompanying directions that will supplement the New JOPD Law and provide further guidance on how RERA will interpret and apply the New JOP Law (the “Directions”). Al Tamimi remains in constant contact with RERA in this regard and we will keep our clients updated as to the status of the Directions.
Al Tamimi & Company can assist you by:
Additionally, our February Edition of Al Tamimi’s Law Update publication will include an article providing clients with a high level overview of the New JOP Law and how it differs to the recently repealed Law No. (27) of 2007.