Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has issued Decree No (25) of 2022 amending some of the articles of Decree No (4) of 2010, regulating the grant of title to allotted industrial and commercial land in Dubai.
According to state news agency, WAM, the decree amends articles (1) and (2) of the original decree. Article (1) outlines the definitions in the decree, while article (2) covers the ownership of granted land.
In accordance with the new text of article (1) of the decree, ‘allotted land’ is defined as land plots allocated for industrial or commercial use whose usufruct right is awarded to UAE nationals, including land subject to an order of disposition and allotted land transferred to third parties by way of succession, assignment, donation, or in return for consideration. ‘Beneficiary’ is defined as a UAE national to whom land is allotted.
The new text of article (2) of the decree permits granting the allotted land to the beneficiary at his request on a freehold basis and without any restriction on its use, exploitation, or disposition, provided the allotted land includes the real estate project – either completed or under construction – in accordance with the rules and regulations of the Dubai Land Department.
Read: Dubai issues law regulating use of commercial lands
Also read: Read: Sheikh Mohammed introduces incentives for property investment funds
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