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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
His Highness Sheikh Mansour bin Zayed Al Nahyan, in his capacity as the Chairman of the Judicial Department of Abu Dhabi, has issued Resolution No. 13 for 2018 introducing fees for auction service of movable and immovable properties sold in enforcement of judicial judgments and orders in the Emirate of Abu Dhabi (the “Resolution”).
The Resolution introduces new service fee for marketing and organising auction for sale of immovable, movable and vehicles following a final judgment or order from the Courts (“Service Fee”). The Resolution introduces a fee of 5% and 4% as service fee for the sale of movable and immovable properties, respectively without a cap on the fee.
The Resolution does not specify who will pay the Service Fee and when it will be paid. However, it indicates that the payment will be made from the proceeds of the sale and shall be borne by the Judgment Debtor.
It is to be noted that the prior to this, a judge usually requests the Judgment Creditor to deposit an amount to be determined by him against the cost and expenses of the auction including lawyer’s fees. These fees were set at 2% of the sale proceeds up to a maximum of AED 30,000, which is considerably less than the new fee.
The Resolution has come into effect upon its issuance on 24 April 2018 and will be published in the Official Gazette.
The Resolution is issued based on the powers vested on the Chairman of the Judicial Department of Abu Dhabi under Article (65) of Law No. 13 of 2017 concerning the Judicial Fees payable in the Emirate.
Of particular interest:
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