The UAE Ministry of Finance has been very active recently. In the year 2023, the ministry introduced a new law. The new law is aimed at enhancing the management and utilization of federal properties in United Arab Emirates. The law is widely known as Federal Decree-Law. It was introduced in 2023. The law has been issued as a replacement for the legislation introduced in 2018. More precisely, it has replaced the federal decree-law of 2018 regarding federal government real estate properties. Lawyers in Dubai by Top Law Firms in Dubai offer legal support to understand such topics as well. It’s a general practice throughout the world by top Law Companies and professionals.
New Law New Goals:
The primary goal of the new law is to gear up for effective management and utilization of federal government resources. It also leads to developing the federal government’s financial resources at domestic and international levels. The new law is designed for efficient Governance of Federal Assets. It will efficiently govern the federal assets within and outside the UAE. Of-course Dubai Lawyers are the best for understanding the laws. DUBAI Lawyers by Best Law Firms in DUBAI, for example Al Shaiba Advocates, Ask The Law.
Advantages:
By management of federal assets, the country can become globally Competitive. It will enhance the Credit Ratings of the UAE. Additionally, the law seeks to boost the country’s standing globally. The nation has aligned its objectives with global digitalization. This new platform will lead towards cataloging federal real estate properties. As a result, it will enhance asset protection. It also offers greater transparency to it. Nevertheless, it paves the way for bridging the gap between the federal and local authorities in the UAE. There will be improved cooperation between federal and local entities operating. It is a move towards a better Dispute Resolution Mechanism. A clear mechanism is installed for resolving all kinds of disputes and deadlocks. It also prevents violations related to federal properties. Everything is clearly outlined in the law. It also provides a well-structured approach to conflict resolution.
New Federal Decree-Law:
Applicability:
The scope of the new law is extensive. It also encompasses the public services. It may include railways, bridges, and rails, roads, along with other intangible and movable assets.
A Move towards Modernization:
The sincere efforts are dedicated to modernizing the overall Country. With the introduction of new laws, the country moves towards up-gradation and evolution. It has specifically emphasized modernizing the management and inventorying of federal properties in the UAE. It will be done via a contemporary electronic platform and social media. The electronic platform will support the overall cause by ensuring safety and transparency. The main aim is to record federal real estate properties more systematically. Besides, it will pave the way towards better maintenance and protection.
Definition and Registration of the Federal Real Estate Assets:
Now with the new law, the Federal real estate assets will be clearly defined. Moreover, it will also be properly registered. It will eliminate all the ambiguities in the utility. It will also further clarify the management procedure as well.
Registration of Federal Real Estate:
The registration of federal real estate properties will be created following the new rules. It is done in collaboration with relevant local authorities of the emirates. It will encourage the transfer or recovery of assets to local governments.
Simplified the Leasing Rules and Requirements:
The new law manages federal properties in a more effective way. It handles federal properties both within and outside the state.
Compliance with Rules and Regulations:
A special emphasis is placed on adhering to the law. The efforts are dedicated to ensuring compliance with the local building and urban planning regulations of the UAE. It is a way to ensure the optimal utilization of federal properties.
How Attorneys and Lawyers Can Advise and Assist:
Lawyers in Dubai by Top Law Firms in Dubai, can help in comprehending the new law on federal properties. It will assist in utilizing the federal properties following the new law and local regulations. The specialist’s Lawyers can provide support in resolving the conflicts and deciding the fate of disputes. The new law on federal properties in the UAE is a significant move towards effective governance, transparency, and sustainable growth. The valuable Lawyers stand ready to assist individuals, companies, and entities. As an outcome, it will ensure compliance, management, and optimal utilization of federal assets.
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