Dubai's real estate regulatory agency (RERA)eyes new laws on property valuations

Dubai's real estate watchdog is looking to bring in new legislation to regulate how house valuations are conducted, following the slump in prices which saw well over $100bn wiped off the emirate's property market assets.

Dubai's real estate regulatory agency (RERA) is planning to publish new guidelines for the industry by mid 2010 in a bid to create a more professional real estate valuation system, a senior official has said.

Mohammed Khodr Al-Dah, head of RERA's Land Department Real Estate Appraisal Centre (Taqyeem), said: "Having recognised the increasing importance of accurate evaluation of real estate assets, RERA is currently working with the Dubai Land Department and other interested parties to draft appropriate legal guidelines to regulate how valuations are conducted."

His comments, published in the latest MENA House View report by Jones Lang Lasalle, come as property prices in the emirate have seen declines of more than 50 percent from 2008 peaks.

In the report, Jones Lang Lasalle said that the introduction of more professional valuation standards was "an essential precondition for rebuilding the trust and confidence required for the recovery of real estate markets across MENA".

"Accurate and regular valuations comprise an integral part of the sound investment and risk mitigation strategies that investors need to adopt as the real estate market faces continued uncertainties and only selected stability in 2010," the report added.

Jones Lang Lasalle said that while valuations were not the sole answer to reversing a trend of falling transaction volumes, they could "provide a catalyst for the improvement in certainty and transparency required for the markets to recover".

Transit visa procedure to exit airports in Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah

Airline transit passengers travelling with a stopover at Dubai Airport (or other UAE airport) who do not leave the terminal building not needed a UAE visa since they are not entering the UAE. Citizens of UAE free arrival visa countries do not need to pre-arrange any visa whether they are in transit or travelling to Dubai as a destination.

Any other passenger who does want to exit the airport will need a UAE entry permit. By exit, we mean anyone who wants to go through passport control. A 96 hour transit visa is available to visitors to the UAE. Remember also that different emirates in the UAE might have different ways of implementing immigration rules. You can obtain a 96 hour transit visa in one of the following ways:

Pre-apply through the airline, travel agent, or UAE hotel that you are booked with. None of them are likely to arrange a transit visa for you unless you are a customer.

Obtain one on arrival in Dubai at the Marhaba services counter in Terminal 1, or the Emirates Hotels and Visas for Dubai desk in Terminal 3. This is not guaranteed, as the granting of the visa is subject to Dubai immigration department approval. You will need to buy at least one night in a Dubai hotel from Marhaba or Emirates to be issued a transit visa.

Citizens of the following countries are not eligible for the 96 hours visa on arrival: Somalia, Afghanistan, Iraq, Niger, and Yemen.

The UAE's new companies law, expected to come out in 2010

The UAE's new companies law, which is expected to come out in 2010, will relax foreign ownership restrictions but will stop short of allowing 100 percent ownership, an Abu Dhabi government official said on Tuesday.

Mohammed Omar Abdulla, undersecretary of Abu Dhabi's department of economic development, made the remarks at a panel discussion.

"The new companies law in the UAE will make a relaxation in foreign ownership," he said. "It will not be up to 100 percent, it will be more than 49 percent."

Abdullah added that Abu Dhabi plans to set up a dedicated investment agency to attract foreign investment.

"In line with our five-year strategic plan, the department is working towards setting up a dedicated investment agency to serve the needs of international investors," said Abdullah .

The new agency will begin operations by the end of 2010 and will identify areas of opportunities to attract foreign investments, he added.

"International investors have a crucial role to play bringing in expertise, technology and best global practices," he told the conference.

Abdullah also said the Ministry of Economy was preparing the final draft of a new UAE companies law which will come out this year. The law will relax foreign ownership rules but stops short of allowing 100 percent ownership, he said. (Reuters)

The UAE Ministry of Labor has reduced the deposit expatriates pay to bring in domestic help to AED2,000

The fee for expatriates to sponsor domestic workers in Dubai has been reduced to from AED5,000 to AED2,000 - matching the deposit Emiratis pay for sponsoring domestic help, Gulf News reported.

According to a senior official from the Ministry of Interior, expatriates used to pay a AED5,000 deposit plus an additional AED5,000 to cover medical and visa costs.

“The deposit will now be refunded only when the domestic helper visa is cancelled and when she leaves the country,” Major General Mohammad Ahmad Al Merri, Director General of the Dubai Department for Residency and Foreigners Affairs told Gulf News.

These government incentives could be an attempt to maintain the number of domestic workers in the country, amid the financial crisis.

At the same time, the changes include an amendment that would see expatriates being refunded only when domestic workers were issued their residency visa, which is valid for one year only.

This could be problematic for sponsors since it is not uncommon for workers to run away. Both Emirati and expatriate sponsors stand to lose a lot of money if their domestic workers run away.Housemaids abscond for a variety of reasons; the most-often cited being abuse and mistreatment.

Interestingly, domestic workers in the emirates are not covered under the provisions of the labor law like other workers; their problems are considered as either immigration or police matters. And when there’s a conflict between a housekeeper and his or her employer, most workers are convinced the law is on the sponsors’ side.

It is unsurprising, then, that most domestic workers choose to runaway, in spite of losing their employment rights as a result of absconding.

It seems to Kipp the system needs more than mere fee adjustments

Visa and Residency procedures for the employees in Ajman University

The issue an employment visa to the employees working in the University, the following is required:

Notifying the Department of Human Resources to issue a work visa for the appointed employee in the university, specifying the job, basic and total salary,

A clear copy of the passport with a validity of not less than 6 months,

5 recent colored photos,

In the case of professions requiring university qualifications, employees must supply a copy of the degrees certified by the UAE Ministry of Foreign Affairs after translating them into Arabic,

An employment visa cannot be issued to Palestinians holding Egyptian documents,

135 AED fee for employment visa (to be issued in two weeks)

To transfer the sponsorship of an employee at the University from another party, the following procedures are required:

First – the sponsorship of any staff member cannot be transferred to the university from a non governmental working party to the university

Second - in the case transfer of sponsorship from the government to the university, the following procedures are required:

Notifying the Department of Human Resources to issue an employment visa for the appointed employee in the University, specifying the job, basic and total salary,

A no Objection letter from the former sponsor,

The original passport of a validity of not less than 6 months,

A copy of the labor ID of the new sponsor "credit signature" of the Department of Naturalization and Residency,

6 recent colored photos.

For the issuance of an employment residency for the employees of the University by virtue of a visa or sponsorship transfer by the university sponsorship, the following procedures are required:

Presence of staff members at the Public Relations Department directly upon arriving to the State,

The original passport and a copy of a validity of not less than 6 months,

The original employment visa, specifying the date of entry or the form of sponsorship transfer after approval,

The results of a medical examination issued by the Department of Preventive Medicine at the Ministry of Health,

The results of fingerprinting delivered by the Police General Department of Ajman,

2 recent colored photos,

350 AED fee for residency issuance (this procedure takes 10 days and is valid for three years).

To renew the residency of staff members of the University, the following is required:

Presence of the staff member at the Public Relations Department before 1 month before the end of his/her stay,

The original passport and a copy of which the validity should not be less than 6 months,

Notification from the Department of Human Resources to approve the renewal of residency of the staff member,

The results of a medical examination delivered by the Department of Preventive Medicine at the Ministry of Health,

The results of fingerprinting issued by the Police General Department of Ajman,

350 AED fee for residency issuance(this procedure takes 10 days an is valid for three years)

To cancel the residency of a staff member from the university sponsorship, the following is required:

The original valid passport and residency

A no reliabilities letter issued by the university administration,

Cancellation of residency takes a period of two working days,

The staff member whose residency is cancelled is given 30 days to leave the State if, and only if, the residency validity at the time of cancellation is effective,

In case the residency of the staff member terminates at the time of cancellation, he/she is to pay a fine resulting from the delay, gets a leave permit after paying a 100 AED fee, and leave the State on the same day of cancellation.