During its weekly meeting, the Sharjah Executive Council (SEC) enacted Resolution No. (9) of 2022 regulating real estate companies and institutions in the emirate, including their ownership and those benefitting. The resolution will apply to all enterprises and institutions in the emirate that hold or benefit from real estate.
The meeting was chaired today by H.H. Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Executive Council SEC, in the presence of H.H. Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah.
According to the resolution, companies and institutions wholly owned by Emiratis or citizens of the Gulf Cooperation Council (GCC) countries are allowed to own and use real estate in the emirate, subject to the measures and conditions prescribed in the resolution, with the exceptions specified in Article No. (4) of Law No. (5) of 2010 AD on real estate registration in the emirate and its executive regulations and amendments.
Companies located in free zones, corporations controlled by individuals who do not have UAE citizenship, and international companies may participate in the emirate’s system of utilising real estate subject to the limits and requirements indicated in this resolution.
Companies and institutions that own or benefit from real estate in the emirate, or seek to own or utilise it, are required to comply with the following: 1. Consider the proportionality of the property subject to ownership or usufruct allocation to the company or institution’s operation and purpose, in line with the rules established by the Real Estate Registration Department.
2. Notify the Real Estate Registration Department of any disposition or procedure affecting the partners’ ownership and shares, or the legal form or trade name, complete the procedures and pay the prescribed fees within 30 days of the disposition or procedure, except for public shareholding companies.
3. The usage of real estate in government-designated regions.
4. Submission of a letter from the free zone authorities guaranteeing that free zone companies would not modify the facility’s licence in the event of usufruct.
5. Availability of a foreign company’s licenced branch in the country.
According to the resolution, companies and institutions that own or benefit from real estate in the emirate must comply with its provisions within six months of the resolution’s enforcement date, provided the Director-General of the Real Estate Registration Department issues the necessary decisions and circulars to carry out the resolution’s provisions.
The resolution included a set of legal regulations governing the Real Estate Registration Department’s authority and fee schedule.
This resolution is effective immediately upon publication in the Official Gazette, and any provision that is in conflict with it shall be repealed.
The council adopted several proposals to ensure the development of the emirate’s government nurseries’ services. Furthermore, it passed a draft legislation reorganising the Sharjah Labour Standards Development Authority.
The council enacted Resolution No. (9) of 2022 regulating real estate businesses and institutions in the Emirate of Sharjah, including their ownership and those benefitting.
The council discussed several items on its agenda, including government work, public services, and the implementation of development initiatives and projects in the emirate’s various cities and regions, under its vision and development to serve its citizens and residents.
It approved several proposals for enhancing government nurseries’ services to improve the scientific and practical procedures that enable nurseries in the emirate’s towns and areas to fulfil their objectives.
Likewise, the council authorised a draft legislation reorganising the Sharjah Labour Standards Development Authority (SLSDA), mandating that the project be referred to the Sharjah Consultative Council for completion during its legislative session.
Source: Emirates News Agency