Tuesday, March 16, 2010

Mohammed bin Rashid issues decree regulating industrial, commercial lands in Dubai

Vice President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as the Ruler of Dubai, has issued a decree regulating granted industrial and commercial lands in the emirate of Dubai.

The decree allows each UAE national granted industrial or commercial land to apply to the Lands and Property Department to request free ownership that is free from any restrictions over use of the land or registering it in the real estate registrar, and issue ownership bond after payment of the ownership and registration transfer fees worth 30 per cent of the land market value as per the price set by the department on the date of ownership transfer.
The decree also allows ownership of the granted industrial or commercial lands, which were previously treated as those whose ownership were transferred, but not registered at the department.

The move comes in line with the procedures to activate property and commercial sectors, being vital sectors of the emirate of Dubai's economy. As per the decree the UAE nationals granted the industrial and commercial lands will freely own them and act over them legally. Those lands were restricted to some extent previously by the regulations issued by the government.
This decree is in force on the date of issuance and will be published in the official gazette. - Emirates News Agency, WAM

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