The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.Read the full report
His 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: firstname.lastname@example.org