UAE introduces new law for federal property management

The UAE Ministry of Finance has introduced Federal Decree-Law No. 35 for 2023, aiming to enhance the management of federal properties. This comprehensive law covers all federal assets, including real estate, with the goal of efficient governance and sustainable growth.

A notable feature of the decree law is the establishment of an advanced electronic platform for cataloging federal real estate, promoting transparency and asset protection.

It streamlines the registration process and introduces strategies for optimizing returns through leasing.

The law defines federal assets as encompassing real estate for public services and movable assets, including intangible properties. It outlines rules for managing private federal properties, establishing a registry, and leasing guidelines.

Set to replace Federal Decree-Law No. 16 of 2018, the new legislation will be effective on March 28, 2024. This decree-law marks a significant stride towards effective management of federal properties, aligning with global standards and local regulations.

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