UAE Ministry of Finance Introduces Federal Properties Legislation to Enhance Management and Efficiency

UAE, 27 June, 2024 : The UAE Ministry of Finance recently conducted an introductory session on Federal Decree-Law No. (35) of 2023, focusing on federal properties, including real estate and other assets. Over 110 employees from 26 federal entities participated, gaining insights into the legislation that defines and regulates federal assets' management and registration.

Her Excellency Mariam Mohamed Al Amiri, Assistant Undersecretary of the Government Financial Management Sector, highlighted the law's significance in enhancing government property management and bolstering global competitiveness and credit ratings. The session covered topics such as asset management strategies aligned with international best practices.

Key discussions included the strategic importance of federal assets, global trends in asset management, and implementation requirements such as leasing policies and asset registry updates. The law aims to optimize the value of federal assets through efficient and sustainable management practices.

The legislation identifies various federal assets, including real estate used for public services, movable assets, and intangible assets, setting guidelines for their acquisition, use, and disposal. It also establishes a registry for federal properties and outlines coordination with local authorities for asset management and transfer.

The session concluded with a focus on achievements in government asset management and future development plans, fostering a dialogue on optimizing federal resources and ensuring compliance with urban planning regulations for effective asset utilization.

Source : www.mof.gov.ae