Sharjah Update Sharjah business & Investment News from Invest in Sharjah (Sharjah FDI Office)
Related Articles
His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler and Deputy Chairman of the Sharjah Executive Council (SEC), chaired the council meeting on Tuesday morning at the Ruler’s Office, in the presence of His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler and Deputy Chairman of the Executive Council.
The meeting discussed several agenda topics focused on monitoring the performance of government departments and entities, and developing the legislative framework to enhance government work and achieve integration across sectors in service of the community.
The decision stipulated that licensed investment funds registered with the Securities and Commodities Authority and listed in the investment funds register have the right to own and use real estate in the emirate in accordance with the regulations set forth in this decision, as follows:
1.Private investment funds that are fully owned by UAE citizens or GCC nationals, as well as public investment funds, have the right to own real estate in all areas of the emirate and to use real estate in projects approved for usufruct sale.
2.Private investment funds that include units owned by non-UAE citizens and non-GCC nationals have the right to own real estate in projects approved for sale to foreigners and to use real estate in projects approved for usufruct sale.
The decision also includes legal articles concerning ownership and usufruct conditions, investment fund registry, powers of the Real Estate Registration Department, fees, data updates, suspension of fund transactions, and trading of private fund units.
