Posted by Bob Brunskill
The Dubai government has issued a new land decree which could boost foreign investment in the emirate.
Under the decree, which applies only to UAE nationals, people who have received grants to register their property after making a payment of 30 per cent of a piece of land's market value can exercise complete legal rights over that land, Gulf News reported.
The new law will allow holders to use their land for all types of commercial activity while giving them the opportunity to bring in foreign investment and enter into joint partnerships on the land.
Prior to the decree, people had to use the land for a specific purpose after government approval. Landowners also had to comply with restrictions relating to land transfers.
Mohammad Sultan Thani, assistant director-general of the Land Department, told the news provider: "It's a good initiative to encourage people to have commercial and industrial land so they can utilise it in a much better way."
This week it was reported that Dubai's population grew by 7.32 per cent in 2009 to reach 1,770,978.