 The UAE Ministry of Finance has issued a new Federal Decree-Law that aims to further develop the legislative environment in inventorying and managing all federal properties, whether real estate assets or otherwise.
The new law mandates the creation of a state-of-the-art electronic platform for the cataloguing of federal real estate properties.
The Decree-law is designed to “better manage and develop the federal government’s financial resources, domestically and internationally”, according to a press release. It aims to “efficiently govern federal assets, improve their use, and ensure sustainable growth by adopting top global practices”. Moreover, the measure seeks to boost the country’s standing in global competitiveness rankings and enhance its credit rating.
The legislation clarifies the definition and registration process for federal real estate assets, resolves asset management and utilisation uncertainties, and introduces strategies for “optimising government asset returns” by allowing for effective leasing and use.
The Decree-law also sets out rules for managing private federal properties and non-real estate assets not dedicated to public service, outlines the management of federal properties within and outside the state, sets leasing rules for private properties and stipulates requirements for using and benefiting from federal assets.
This Decree-law will come into effect on 28th March, 2024.
