New Law: Management and Utilization of Federal Properties
Background
UAE has recently introduced the new Decree-Law. The Ministry of Finance took this groundbreaking by aiming at revolutionizing the handling of real estate and non-real estate assets and properties. This exemplary step was taken in the year 2023. This will be effective from March 28, 2024. The motive is to enhance the overall management of all kinds of federal properties in the UAE. Furthermore, this new legislation will span both real estate and non-real estate assets owned by the government of UAE. The initiative taken in 2023 has replaced the previous decree-law that was issued in the year 2018. More specifically, the Federal Decree-law of 2018 that was regarding Federal government real estate properties has been replaced altogether. The lawyers having expertise in such matters are called as Real Estate Lawyers. Real Estate Advocates in DUBAI are the high performers and achievers due to DUBAI Real Estate market. DUBAI Real Estate Market has demand higher like world’s top real estate markets. Therefore the DUBAI LAWYERS expert in Real Estate Law, are the most helpful attorneys for local residents and expatriates. Dubai Law Firms are also very much popular offering real estate attorneys and services for court and outside the court legal mediations.
The Important Characteristics
- The scope of the new law is extensive. It covers all various types of properties. Nonetheless, it applies to all assets and properties owned by the federal government of the UAE.
- A wide array of properties is covered in the new law including the public services of railways, bridges, roads, intangible assets, and movable assets as well.
- The aim of this move is to streamline and introduce a cohesive process. Further, it enhances overall efficiency and management.
Modern Mechanism
The new law introduced a modern and more up-to-date electronic platform for inventory and Management of federal properties. This dedicated platform is pivotal to ensuring the protection and better maintenance of the properties. This new initiative will allow a greater level of transparency for all kinds of properties within the UAE. The placement of new electronic platforms will facilitate the effective management of federal assets. Nevertheless, it is a shift towards digitalization. Therefore, it is regarded as a step to align the international best practices in the UAE.
Clarity in Asset Definition and Registration
The new law has placed its strong focus on clearly defining federal assets. Besides, they also stress registering the federal properties for better asset utilization. This step is taken to eliminate the ambiguities and misconceptions in assets utility and management. Further, it will contribute towards the development of sturdy strategies for the government of UAE. As a result, the government will be in a position to enhance its asset returns. This initiative fosters a ground for the effective utilization and leasing of government properties
Rules and Regulations:
As per the new law, there are clearly defined rules and laws for non-real estate and private federal properties. The law provides all the details concerning asset usage, trading, and acquisition. The lawmakers understood the diversity of federal assets and thus established a law for managing the non-real estate and private federal properties as well. Henceforth, the buying, selling, using, and leasing of assets has been more transparent and vivid.
Leasing and Urban Planning Compliance:
There have been changes in the leasing rules. Now almost all specifics of leasing private properties have been addressed upon the new law. The law established the rules for the management of leased properties inside and even outside the state of UAE.
The emphasis is laid upon improving local buildings and effectively regulating urban planning. As an outcome, this will optimize the utility of properties.
The dual focus is given to compliance along with regulating leasing to improve planning. This holistic approach paves the way for better property handling by government officials.
Benefits and Goals
This will lead to efficient financial resource management. The primary objective is to improve the handling, management, and development of federal properties owned by the government of UAE.
This will help them internationally as well as at the domestic level. Global best practices will be adopted by implementing the new law. The law will serve the aim of efficient governance of federal assets and properties.
As a result, it will enhance overall utilization and also ensure sustainable growth in the near future. The efforts made by the UAE government officials pave the way towards digitalization.
The creation of the state-of-the-art electronic platform provides a push to the UAE to modernization. The digital initiative promotes contemporary practices that ensure the asset’s protection at its maximum.
The platform will be serving as a centralized catalog for all kinds of federal real estate properties and assets. As a result, this will promote greater transparency. This transparency will facilitate the coordination between the local entities and federal authorities.
The new law provides a high degree of flexibility to federal entities. The law caters to the needs of federal entities that ensure better alignment. The roles and responsibilities are clearly defined for the federation and the local entities.
Moreover, this offers a well-structured framework for addressing different kinds of conflicts, disputes, or violations of laws. The new law delineates the rights and obligations associated with federal properties.
This offers greater legal clarity. Added, it sets up sound mechanisms for resolving disputes, conflicts, or violations.
This ultimately contributes towards a more transparent and accountable system. The legal clarity fosters a conducive environment for property management.
Final Words:
UAE has shown a commitment to stay at the forefront of legal innovation and with electronic platforms this is made easier and accomplished. This will provide a seamless transition towards the mandate of the new law. Nonetheless, there will be a better integration of technology along with efficient property management. Moreover, the country will be able to meet the latest international legal standards. This also offers better collaboration among the local authorities and government. This reflection is a commitment towards better management and utilization of federal pretties within and outside the UAE. With the introduction of the New Federal Decree-law, the UAE intends to achieve a milestone of digitalization, modernization, and better governance.
The comprehensive law portrays a country’s dedication to efficient property management along with better transparency and ensuring compliance. With the support of a legal expert, this transition can become more smooth and effective. In return, this will improve UAE’s global competitiveness and also improve its overall credit ratings.
