UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree on real estate properties of the federal government, the provisions of which apply to all the federal properties in and outside of the country.
HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, stressed the leadership’s efforts to strengthen the legal structure and improve the nation’s legislative system.
This decree contributes to the establishment of a legal framework and clear provisions that regulate the real estate property of the federal government and/or any right over these properties.
Sheikh Hamdan said: “The Ministry of Finance is committed to guaranteeing and preserving federal property, especially since the law stipulates that no federal government entity may act in any of the federal properties without the approval of the Ministry of Finance. The Ministry of Finance shall have the authority to determine the government entities benefiting from any federal assets, in accordance with the provisions of this decree.”
The decree stipulates that the federal property shall be registered in the name of the government in the real estate records of the competent local authority, or the nation in which the property is located. The Ministry of Finance shall maintain a special register for federal property, except in the cases of diplomatic authorities of the nation abroad, in which diplomatic missions may be registered on behalf of the Ministry of Foreign Affairs and International Cooperation, in accordance with the provisions of the laws in force in the country of residence. – TradeArabia News Service