ABU DHABI — A seminar organised at the Abu Dhabi Chamber of Commerce and Industry here on May 10, ended with a call to make amendments in the present law governing rents in the emirate. The seminar was titled “Rents, problems and solutions”.
Speakers at the seminar were unanimous that the present law on rents should be modified in a way so that it is better attuned with the new developments, and serves the interests of both the landlords and tenants.
Otba Saaed al Otaiba, member of the board of directors of the Chamber, who is also the chairman of the properties committee, said the annual rent hike should be changeable, and not capped at 7 per cent, as stipulated by the present law.
Al Otaiba suggested that a special committee be empowered with fixing the changeable rate with the objective of achieving the interests of the property owner as well as the tenants so as to avoid any problems between them.