In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Decree No. (32) of 2020 transferring the ownership of certain educational lands in Dubai to the Knowledge Fund Establishment.
The educational lands subject to this Decree are lands granted to government entities and real estate developers, including lands leased to third parties, and undeveloped lands granted to individuals and private entities that have not been developed within five years of the date of the grant or those that have ceased to have education activity.
Furthermore, educational lands allocated to federal entities, foreign communities and civil society organisations are subject to this Decree if the lands were not developed within five years of the date of allocation, education activity has ceased in the allocated land or, the purpose of the allocation has lapsed.
The educational lands excluded from the articles of this Decree include lands granted to public education facilities, lands within education zones like Dubai Academic City and Dubai Knowledge Park, mortgaged lands and common lands that include educational lands.
Nevertheless, real estate developers can retain the educational lands granted to them prior to the activation of this Decree if they agree to pay 75% of the land’s market value to the Knowledge Fund Establishment in annual instalments within a period not exceeding 34 years. The Department of Land and Property in Dubai will determine the market value of the educational land within three months of the date of activation of this Decree. The real estate developer must notify the Knowledge Fund Establishment of its desire to retain the educational land within six months of the land’s market value being determined. Accordingly, the Knowledge Fund Establishment will sign an agreement with the real estate developer.
Starting from the date of activation of this Decree, and after transferring ownership of educational lands to the Knowledge Fund Establishment, the Establishment replaces government entities and real estate developers in all rent and leasehold contracts subject to this Decree. The Decree is effective from the date of its publication in the Official Gazette.
News Source: https://www.mediaoffice.ae/en/news/2020/December/19-12/Mohammed-bin-Rashid-issues-Decree
