UAE Ministry of Finance Holds Introductory Session on Federal Properties

Dubai, UAE: June 02, 2024 – The UAE Ministry of Finance recently held an introductory session on Federal Decree-Law No. (35) of 2023 regarding federal properties, including real estate assets or otherwise. A total of 110 employees from 26 federal government entities participated in the session and learned about this legislation, which defines federal real estate assets, their registration in the real estate assets registry, and issues related to their management.

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 event began with a review of Federal Decree-Law No. (35) of 2023 on federal properties. This was followed by a discussion of the assets' strategic importance, with a focus on global developments in the field of asset management, and the requirements for implementing law (the policies regulating federal real estate properties), recovery, buying and selling, and updating real estate assets registry data.

The requirements for the decree implementation (policies regulating lease in the federal government) were also discussed in terms of leasing policies, the unified contract model, the rental price list, and the complaints committee.

The session concluded with a dialogue about the achievements and development plan for government asset management, followed by an open Q&A with participants.

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.