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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowOn 13 August 2020, Sheikh Mohammed Bin Rashid issued Decree 23 of 2020 Regulating the Sale of Inherited Residential Properties by Heirs in Dubai (“Decree 23”).
Decree 23 is applicable to all residential properties located in Dubai (except for residential properties granted under the Mohammed bin Rashid Housing Establishment). It does not make a distinction between properties that are located in designated and non-designated areas for foreign ownership, and is therefore applicable to all nationalities.
Decree 23 aims to protect family members in the event of sale of residential properties that are subject to inheritance orders (specifically senior citizens, minors, bachelorettes, divorcees, widows and individuals with special needs), to ensure that the sale of the property is not detrimental to their rights and interest.
The Dubai Land Department (DLD) is authorised to approve an application of sale submitted by any of the heirs, and transfer title to a purchaser. DLD may also authorise sale of a property by auction (if appropriate). Following a sale, the DLD will distribute sale proceeds to the heirs, in accordance with their individual entitlement pursuant to the inheritance order. In the event of a dispute between the heirs, they may file a claim before the Special Judicial Committee which has exclusive jurisdiction to review and decide on such disputes.
Decree 23 is effective from the date of its publication, and repeals all provisions in any other laws in force that are contradictory to the provisions of Decree 23.
Finally, any dispositions or actions that contradict with the provisions of Decree 23 will be void, shall not be registered in any official record, and shall not create any rights or obligations.
Mohammed Kawsmi
Partner, Real Estate
m.kawasmi@tamimi.com
Aruna Mukherji
Associate,Real Estate
a.mukherji@tamimi.com
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