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Ministry of Finance announces the issuance of a federal decree-law concerning federal properties

 
Ministry of Finance announces the issuance of a federal decree-law concerning federal properties

Key points of the law:

• Continuing the development of the legislative environment in the field of inventorying and managing government properties

• Organising federal government assets within and outside the state

• Efficiently managing and developing the financial resources of the federal government

• Establishing an innovative electronic platform for registering federal real estate properties

 

United Arab Emirates - 19 February 2024: The Ministry of Finance in the UAE announced the issuance of federal decree-law number (35) concerning federal properties for the year 2023. The law aims to further develop the legislative environment in inventorying and managing government properties. The law's application scope includes organising all federal properties, whether real estate assets or otherwise.

 

The decree law is designed to better manage and develop the federal government's financial resources, both domestically and internationally. It aims to efficiently govern federal assets, improve their use, and ensure sustainable growth by adopting top global practices. Additionally, it seeks to boost the country's standing in global competitiveness rankings and enhance its credit rating.

 

The new law mandates the creation of a state-of-the-art electronic platform for the cataloging of federal real estate properties, ensuring their safeguarding, management, and maintenance. This initiative bolsters asset protection and promotes transparency, aligning with the nation's push towards digitalization. The legislation clarifies the definition and registration process for federal real estate assets, resolves uncertainties in asset management and utilization, and introduces strategies for 'optimizing government asset returns' by allowing for effective leasing and use. It also provides the flexibility to meet the specific needs of federal entities, ensuring alignment with their roles and responsibilities.

 

The decree-law specifies federal government assets, which encompass federal real estate used for public services such as roads, railways, and bridges, along with movable assets that support these properties, termed 'real estate by allocation.' It also addresses other non-real estate federal properties and personal property of the federation that are not for public use, whether movable or immovable. Furthermore, the law provides for the rights in relation to any federal property and clearly defines intangible assets as recognized properties belonging to the federation.

The decree-law also sets out rules for managing private federal properties and non-real estate assets not dedicated to public service, detailing how these assets can be acquired, used, and sold. It establishes a registry for federal real estate properties, along with coordination mechanisms with relevant local authorities for asset recovery or transfer to local governments. Additionally, it outlines the management of federal properties both within and outside the state, sets leasing rules for private properties, and stipulates requirements for using and benefiting from federal assets. The law also emphasizes the need to comply with local urban planning and building regulations to ensure the optimal utilization of these properties.

 

It is worth noting that this decree-law will replace the federal decree-law number (16) of 2018 concerning federal government real estate properties and will come into effect on 28th March 2024. To view the text of the aforementioned decree-law, please visit the 'UAE Legislation' platform at www.uaelegislation.gov.ae.

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 11787 times
PR Category : Government, Legal & Humanity
Posted on : Monday, February 19, 2024  3:03:00 PM UAE local time (GMT+4)
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