The UAE Ministry of Finance has introduced Federal Decree-Law No. 35 for 2023, aimed at enhancing the legislative framework for managing federal properties. This law covers all federal properties, including real estate assets, with the goal of efficiently governing these resources and ensuring sustainable growth through global best practices.
One key aspect of the decree-law is the establishment of an advanced electronic platform for cataloguing federal real estate properties, enhancing transparency and asset protection. It also clarifies the registration process for these assets and introduces strategies for optimizing returns through effective leasing.
Federal government assets, encompassing real estate used for public services and movable assets supporting them, are specified under the law. Additionally, it addresses non-real estate federal properties and personal property of the federation, defining intangible assets as recognized properties belonging to the federation.
The decree-law outlines rules for managing private federal properties and non-real estate assets, establishing a registry and coordinating with local authorities for asset recovery or transfer. It sets leasing rules for private properties, emphasizing compliance with urban planning and building regulations.
Scheduled to replace Federal Decree-Law No. 16 of 2018, this new legislation will come into effect on March 28, 2024. The decree-law signifies a significant step towards effective management and utilization of federal properties in line with global standards and local regulations.
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