The UAE issues a new law regarding the property

rawda samy - | UAE

A new law concerning the property of citizens and residents of the United Arab Emirates has been announced.

The United Arab Emirates has passed a new law that pertains to federal properties.

The purpose of this initiative is to improve the management and development of the financial resources of the federal government, both locally and internationally.

The United Arab Emirates Ministry of Finance has made an announcement regarding the issuance of Federal Decree-Law No. 35 addressing federal properties for the year 2023. The purpose of this law is to further strengthen the legislative environment for accounting for and managing government properties.

The law encompasses the organization of all government properties, regardless of whether they are real estate assets or other types of properties.

The UAE explains the reasons for establishing the new federal property law.

The United Arab Emirates provides a justification for the creation of the new federal property legislation.

The purpose of the decree law is to improve the management and development of the financial resources controlled by the federal government, both domestically and internationally. It seeks to control federal assets in an effective manner, enhance their utilization, and guarantee sustainable growth by adopting the most effective approaches from around the world. Moreover, it tries to improve the country's credit rating and raise the country's status in the rankings of global competitiveness.

In accordance with the new legislation, the establishment of a cutting-edge electronic platform for the cataloging of federal real estate properties is required. This platform will be responsible for ensuring the properties' protection, management, and maintenance. The nation's push towards digitalization is aligned with this strategy, which strengthens asset protection and increases transparency through its implementation.

As a result of this act, the definition and registration process for federal real estate assets are clarified, issues in asset management and use are resolved, and strategies for "optimizing government asset returns" are introduced. These strategies allow for effective leasing and utilization of assets. In addition to this, it offers the flexibility to cater to the particular requirements of federal bodies, guaranteeing coordination with their respective duties and responsibilities.

The decree law lists the assets that the federal government is in possession of. These assets include federal real estate that is utilized for public services, such as roads, trains, and bridges, as well as moveable assets that support these properties. This type of asset is referred to as "real estate by allocation." Additionally, it concerns other federal properties that are not real estate and personal property of the federation that are not reserved for public use, regardless of whether they are movable or immovable. In addition to this, the law stipulates the rights that are associated with any federal property and defines intangible assets as properties that are recognized as belonging to the federation.

Furthermore, the decree law establishes regulations for the administration of private federal properties and non-real estate assets that are not dedicated to public service. These regulations specify the acquisition, utilization, and sale of these assets. This creates a registry for federal real estate properties and works in coordination with the appropriate municipal authorities to facilitate the recovery of assets or the transfer of those assets to local governments.

The legislation specifies the conditions for using and benefiting from federal assets, which includes the administration of federal properties both within and outside the state, the establishment of leasing laws for private properties, and the management of government properties.

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