In a landmark move aimed at revolutionizing property governance, the UAE Ministry of Finance has unveiled Federal Decree-Law No. 35 for 2023, signaling a significant step forward in the realm of legislative framework concerning federal properties.
This sweeping decree-law encompasses a comprehensive strategy to streamline the management of all federal properties, encompassing not only real estate assets but also various other forms of holdings. By doing so, it seeks to enhance the management of the federal government’s financial resources both domestically and internationally.
Central to the decree-law’s objectives is the establishment of a cutting-edge electronic platform dedicated to cataloging federal real estate properties. This digital initiative is poised to fortify asset protection measures while simultaneously promoting transparency, in line with the nation’s ambitious agenda for digital transformation.
Moreover, the legislation provides clarity on the definition and registration procedures for federal real estate assets, dispelling uncertainties surrounding their management and utilization. Through strategic leasing and utilization policies, the decree-law aims to optimize returns on government assets, thus ensuring their effective and sustainable utilization.
Notably, the decree-law delineates the categories of federal government assets, ranging from real estate utilized for public services to movable assets supporting these properties. Additionally, it addresses the management of non-real estate federal properties, ensuring a comprehensive approach to asset governance.
Furthermore, the decree-law establishes stringent regulations for managing private federal properties and non-real estate assets, outlining protocols for their acquisition, utilization, and potential sale. It also mandates the creation of a registry for federal real estate properties, facilitating coordination with local authorities for asset management and transfer.
Crucially, the decree-law emphasizes compliance with local urban planning and building regulations, underscoring the imperative of sustainable and efficient property utilization.
Scheduled to take effect on 28th March 2024, this groundbreaking decree-law is poised to supplant its predecessor, Federal Decree-Law No. 16 of 2018, ushering in a new era of property governance in the UAE. Interested parties can access the full text of the decree-law on the UAE Legislation platform, marking a pivotal milestone in the nation’s legal landscape.
