The UAE Ministry of Finance recently held an introductory session on Federal Decree-Law No. (35) of 2023 regarding federal properties, including real estate asses or otherwise.
Her Excellency Mariam Mohamed Al Amiri, Assistant Undersecretary of the Government Financial Management Sector, said:
“The law on federal properties is key to the ongoing efforts to develop the legislative environment in the field of government properties management, and supports efforts to enhance the country’s advanced position in global competitiveness indicators and credit rating. The session shed light on details relevant to all federal entities, with regard to regulating federal government assets within the country and abroad, and enhancing the efficient management and development of the federal government’s financial resources.”
Her Excellency added:
“Effective financial policies improves the status of federal assets and maximise their value, through efficient and sustainable management in line with international best practices.”
The law identifies federal government assets, which encompass federal real estate used for public services, along with movable assets that support these properties, termed ‘real estate by allocation’. It also addresses other non-real estate federal properties and personal federal property that are not for public use, whether movable or immovable. Furthermore, the law outlines the rights in relation to any federal property and clearly defines intangible assets as recognised federal properties.
The decree-law also sets out rules for managing private federal properties and non-real estate assets not dedicated to public service, detailing how these assets can be acquired, used, and sold. It establishes a registry for federal real estate properties, along with coordination mechanisms with relevant local authorities for asset recovery or transfer to local governments.
Additionally, the law outlines the management of federal properties both within the country and abroad, sets leasing rules for private properties, and stipulates requirements for using and benefiting from federal assets. It also emphasises the need to comply with local urban planning and building regulations to ensure the optimal utilisation of these properties.
