Sheikh Mohammed bin Rashid al-Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of the Emirates of Dubai, regulates the granting of “Musataha” rights to Dubai’s commercial areas in 2022. Issued the Government Ordinance No. 23 of.
According to the state news agency WhamThe decree regulates the use of Dubai’s commercial land by granting the right to “Musataha” to develop real estate projects.
This agreement creates the right to real estate that allows owners to build buildings or invest, mortgage, rent, sell, or buy land lots owned by third parties for up to 35 years.
The contract can be extended up to 50 years and the request for renewal must be submitted 2 years before the contract expires.
The owner of the contract must comply with a number of rules and regulations, including not changing the use of commercial land without the prior approval of the owner. Contract holders must also register the contract with the Dubai Land Authority (DLD) Registry or the Dubai International Financial Center (DIFC) Registry.
The DLD is required to specify the terms and responsibilities of the parties to the “Musataha” Agreement. We will also work with relevant government agencies to identify commercial sites where we can sign the Musataha Agreement. DLD is also permitted to carry out inspections of commercial land to ensure full compliance with the “Musataha” contract.
In addition, DLD is tasked with enabling friendly resolution of complaints and disputes arising from complaints without violating the provisions and amendments of Government Claims Act (3) of 1996.
This decree specifies specific registry settings for the “Musataha” Agreement in DLD. It also lists the fines that will be levied if you do not issue a certificate of completion for a project built on commercial land within the scope of the contract.
In other news, Sheikh Mohammed recently issued 2022 Decree No. 22 to introduce incentives for Dubai’s real estate investment funds.
https://gulfbusiness.com/dubai-issues-decree-regulating-use-of-commercial-lands/ Dubai issues legislation regulating the use of commercial land