A decree regulating lands granted for commercial and industrial purposes in Dubai was issued yesterday by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai.
The move comes as part of the government's overall initiatives to revitalise the commercial and real estate sectors in Dubai, through the empowerment of citizens in receipt of land grants.
As per the decree, beneficiaries of land grants from the Land Department in Dubai can now register their property at the Dubai Land Register, after which they will receive a title deed detailing their ownership.
Furthermore, on paying registration fees, citizens will be entitled to purchase their property outright for 30 per cent of its market value, as determined by the Land Department.
The law also says that nationals in receipt of 'restricted' land grants will be given the right to own land and freely use the property without constraints, provided they pay 50 per cent of its assessed market value.