Suggestions and recommendations are being sourced from all concerned parties for a new and comprehensive Rental Law governing the retail industry in Dubai. These are to be passed on to the Supreme Legislation Committee and some of which could even be incorporated into the Law.
The prime aim is to bring in laws to reduce the number of cases piling up in front of the Rental Disputes Centre from the retail sector, according to the Dubai Land Department. Another prospective gain from having the law is to reduce the period in arriving at a verdict — or a settlement — on the lawsuits. This will include all sorts of retail asset classes, including outlet malls, which is gaining quite a bit of prominence these days.
The Land Department has just had a series of meetings with representatives from the local retail sector, including mall owners, on what the new law would try and achieve.
It was an “opportunity for them to ask questions and clarify articles of the new rental law, thereby contributing to reducing the potential for disagreements that may arise between the parties,” said Judge Abdul Qader Mousa, Director of Rental Disputes Centre.
Major changes are in the offing for Dubai’s retail sector, and government entities are taking the lead to bring about the desired changes. A new grouping of retailers was launched last week under the umbrella of Dubai Chamber and with the Chairman of Apparel Group, Nilesh Ved, as its head. At the launch event, the issue of rents across the retail sector was mentioned as a priority that needs looking into, and that it would be done in consultation with the Land Department.
Specific to the proposed Rental Law for Dubai, the Land Department’s workshops for the retail industry took up several themes.
“We explored methods for achieving balance and preserving the rights of all parties, and generated recommendations that will be submitted to the relevant legislative bodies for consideration and implementation,” said Sultan Butti Bin Mejren, Director-General.
Source: Gulf News