Tuesday, May 14, 2019

Abu Dhabi New Development Projects

New development projects in Abu Dhabi worth 8 billion

Bader Al Qamzi, Chief Executive Officer of Abu Dhabi Roads, said that the Department of Transport will participate in the Cityscape Abu Dhabi 2019 in three major projects worth AED 8 billion. Establishing an integrated and sustainable transport system This system aims to improve life in the Emirate and Abu Dhabi region.

Engineer Bader Al Qamzi also stressed that both infrastructure and new services aim to support Abu Dhabi's transportation system. This will have a positive impact on the lives of all individuals. It also stimulates local economic growth and increases property value.
In the context of these new development projects in Abu Dhabi, the President of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan, Ruler of the Emirate of Abu Dhabi, has issued a law requiring the amendment of part of the provisions of Law No. 19 of 2005 by real estate ownership.

This law also included the need to change the provisions of Article 3 and Article 4 of Law No. 19 of 2005, as the new Article 3, after its amendment, stipulates that "the right to own property shall be limited to the following categories: Their ruling from the natural and legal figures, and the public shareholding companies, which do not exceed the proportion of the contribution of non-citizens to 49%
It is also worth mentioning that the new law includes the possibility of owning different properties for all of the following: "A decision is issued by the Crown Prince or the President of the Executive Council and non-nationals of natural or legal persons possessing and acquiring all the original in-kind rights and dependence on properties located within the investment zones And they have to conduct any action on these properties. "

While noting that Article 4 of the new law included the following: "Anyone who has the right of usufruct or the right of marsatah for more than ten years without the owner's permission to dispose of this right, including his mortgage. In both cases, the parties may agree otherwise. "

The Chairman of the Executive Committee on the Government of Abu Dhabi, Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, said that the new property law aims to support the wise leadership for the government's vision to develop the economic sector in the emirate. He also pointed out that the modernization Legislation and laws related to the increase and revitalization of the rate of economic growth are important in order to support economic activity in the United Arab Emirates, in particular in the Emirate of Abu Dhabi. It also aims to develop investor services and facilitate the procedures in a good and rapid manner.

The new UAE law, which has many positive impacts on the real estate sector as well as on all development sectors in the emirate, will encourage investors to invest in the vital sector, In the Emirate of Abu Dhabi. The new law will also represent a significant role in attracting a large amount of global investment in the real estate sector in the United Arab Emirates.


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