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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
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Read NowHis Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Decree No (23) of 2022 regulating the grant of Musataha Right over commercial lands in the Emirate of Dubai (“the “Decree”). The Decree defines a Musataha Right as a right in rem granted by the Owner to the Musateh (being the owner of the Musataha right) to exploit commercial land. The Civil Code regulates the Musataha right in general under Articles 1353 to 1360 (inclusive). The Decree is related to commercial and industrial land owned by the Government of Dubai or companies wholly or partially owned by the Government of Dubai.
The Decree confirms the rules of the Civil Code about Musataha Right but adds new and special rules as follows:
We are of the view that the Decree will encourage real estate investment over government land as it sets clear rules for investors and governmental authorities to follow. We will be closely monitoring the implementation of the Decree which may require, among other matters, a change in the existing lease agreements framework currently adopted by the governmental authorities in the Emirate of Dubai and convert such leases to Musataha agreements.
If you would like to know more about the new decree and its implications for you, please contact our team via email: property2@tamimi.com
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