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January 12th 2020News

Dubai ruler enacts new DIFC law on property leasing

Dubai International Financial Centre chief says new law will provide clearer guidance for thousands of landlords and tenants

Dubai International Financial Centre (DIFC) on Saturday announced that Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has enacted a new property leasing law covering the financial hub.

It said the enactment of DIFC’s new leasing law and regulations will enhance the property market and reflects the centre’s commitment to maintaining a legal and regulatory framework aligned with international best practice.

The new regulations introduce areas of protection and assurance to lessors and lessees entering into lease deals at properties based in the DIFC.

They will introduce a tenancy deposit scheme for residential leases to be administered by the Registrar of Real Property and will impose a maximum limit on security deposits collected by residential lessors.

The new law will also introduce clearer provisions relating to the termination of leases.

Essa Kazim, governor of DIFC, said: “Enacting the new DIFC leasing law will not only provide clearer guidance for thousands of landlords and tenants in the DIFC, but advancing our legislation also represents a key step for delivering on our landmark expansion plan that will transform the future of finance.

“We continue to level up our legal and regulatory framework and prioritise ease of doing business in the DIFC so that existing and prospective clients can operate with confidence within our strict legal parameters.

“With the added value of being based on internationally recognised Common Law, we have full confidence the new law will enhance protections for landlords and tenants alike while asserting the DIFC as a stable and enabling environment from which to reside and prosper.”

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