General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council (Adec), has issued resolution number 64 of 2010 on regulations of property ownership.
The resolution defines general frameworks and rules for property registration in virtue of the property ownership law in the emirate of Abu Dhabi.
The new resolution aims at encouraging real estate developers and investors to register their properties and associated rights and streamlining conversion of real estate rights easily and swiftly. It will also facilitate delivery of loans for financing real estate investment.
According to the resolution, only UAE citizens or persons and companies to be identified by the Adec will have the right to own properties.
Non-UAE natural or juristic persons will enjoy the right to own, buy, sell, rent , mortgage and invest in investment clusters. They may hold usufruct or Musataha right for up to 50 years (subject for renewal to a similar duration) and usufruct contract for up to 99 years and long-term tenancy contract in properties located inside investment areas.
According to the dictionary, usufruct means 'the right to use and derive profit from a piece of property belonging to another, provided the property itself remains undiminished and uninjured in any way'.