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Home Real Estate Law

UAE President alters provisions in Abu Dhabi real property regulation

Stanley Paul by Stanley Paul
February 26, 2023
in Real Estate Law
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UAE President alters provisions in Abu Dhabi real property regulation

Abu Dhabi, Apr 18: President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law amending provisions of Law No. 19 of 2005 in the Abu Dhabi real estate zone. The new law call for alteration to Articles three and four of the ‘Real Property Law,’ according to a record in Emirates247.

UAE President alters provisions in Abu Dhabi real property regulation 1Article three (i) stipulates the rights to personal property are confined to 3 classes, the primary being Emirati residents, natural or legal individuals, the second includes public keeping groups with ownership not exceeding 49% non-nationals or the 1/3 as any character to whom a choice is issued with the aid of the Abu Dhabi Crown Prince or the President of the Executive Council. At the same time, Article three (ii) stipulates that non-UAE nationals, herbal or prison humans, shall have the right to own and acquire all unique and in-kind rights in actual estate houses placed within funding regions.

President Sheikh Khalifa bin Zayed Al Nahyan

In Article Four, the change stipulates that the holders of a ‘usufruct’ or ‘Mustafa for an extra than ten years shall have the right, without the landlord’s consent, to cast off the assets, inclusive of the right of loan. However, the landlord may not loan the assets except with the consent of the usufruct or musataha holder. In each instance, the parties can also agree in any other case.

“Updating the Real Property Law displays the management’s help and vision to broaden the emirate’s financial system, with the steering of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and monitoring of H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, who have both confused the importance of updating legislation to boost up economic growth and the improvement landscape of Abu Dhabi,” Emirates247 quoted President Sheikh Khalid bin Mohamed pronouncing.

The President additionally stated that with the revival, the actual estate area would inspire traders to accumulate land in selected investment zones inside the Emirate of Abu Dhabi, with sufficient room for growth possibilities.

Stanley Paul

Stanley Paul

I am a lawyer by profession and blogger by choice. I work for a prestigious law firm where I handle complex litigation and intellectual property matters. In my spare time, I write about various legal issues on my personal blog. I am always open to interesting topics and will always try to provide a fresh perspective on the latest developments in the legal world. I am a huge fan of technology, and I am always excited to learn more about how this industry is growing. For example, I recently had the chance to attend the opening of the Facebook campus in Dublin, Ireland and interviewed Mark Zuckerberg.

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