Connect with us


UAE Introduces New Law for Management of Federal Properties

UAE Introduces New Law for Management of Federal Properties

The UAE Ministry of Finance has unveiled Federal Decree-Law No. 35 for 2023, signaling a pivotal step towards enhancing the management and development of federal properties. This comprehensive legislation, which covers all federal assets including real estate, aims to optimize their utilization and facilitate sustainable growth, both domestically and internationally.

The decree-law, announced on February 19, 2024, is designed to streamline the inventorying and management of government properties, bolstering transparency, efficiency, and adherence to global best practices. It underscores the UAE’s commitment to digital transformation by mandating the establishment of a state-of-the-art electronic platform for cataloging federal real estate properties.

Among the key objectives of the new law is to ensure the effective governance of federal assets, improve their utilization, and foster sustainable growth by adopting international standards. By clarifying definitions, registration processes, and strategies for optimizing returns, the legislation provides a robust framework for managing federal properties in alignment with the specific needs of federal entities.

The scope of the decree-law encompasses various categories of federal assets, including real estate used for public services such as transportation infrastructure, movable assets supporting these properties, and other non-real estate federal properties. It also addresses the management of intangible assets belonging to the federation.

One of the significant provisions of the law pertains to the establishment of a registry for federal real estate properties, ensuring transparency and coordination with local authorities. Moreover, the legislation outlines rules for managing private federal properties and emphasizes compliance with local regulations to maximize their utilization.

The decree-law is set to replace the existing federal Decree-Law No. 16 of 2018 concerning federal government real estate properties upon its implementation on March 28, 2024. This transition reflects the UAE’s ongoing efforts to modernize and enhance governance practices, ultimately contributing to the nation’s economic growth and competitiveness.

With this legislation, the UAE reaffirms its commitment to efficient resource management, transparency, and sustainable development, further solidifying its position as a global leader in governance and innovation.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *