Sheikh Mohammed bin Rashid issues a decree covering all real estate in the Emirate, including real estate in private development zones and free zones.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No. (22) of 2022 introducing incentives for real estate investment funds in Dubai.
The decree applies to all real estate investment funds licensed and regulated by government agencies, as well as private development zones and free zones, including the Dubai International Financial Center (DIFC).
The decree also applies to all real estate in Dubai, including properties located in private development zones and free zones, with the exception of DIFC.
Register of Real Estate Investment Funds
According to the new Decree, «Register of Real Estate Investment Funds» will be created in the Dubai Land Department. The Decree sets out the terms, conditions and procedures for entering into the Register. Funds that want to be included in the Register must have an appropriate license obtained from government agencies, including the Securities and Commodities Authority and the Dubai Financial Services Authority.
The value of the fund's real estate assets, current at the time of submitting the request, must be at least AED 180 million ($49 million) or higher. Funds should not be suspended from trading on the financial markets of Dubai at the time of application.
The decree also prescribes the creation of «Committee on Real Estate Investment Funds», the purpose of which is to determine the areas and properties in which funds are allowed to invest either in full ownership or lease for a period not exceeding 99 years.
