SCC approves the draft law on leasing real estate in Sharjah

The Sharjah Consultative Council (SCC) approved a draft law for the year 2024 regarding real estate leasing in the Emirate of Sharjah, after introducing a number of amendments on the draft law in the sixth meeting of the first regular session of the eleventh legislative term.

The meeting was chaired by Dr Abdullah Belhaif Al Nuaimi, Chairman of SCC.

The Council discussed the draft law on leasing real estate and reviewed the report received by the Council’s Legislative and Legal Affairs, Appeals, Suggestions and Complaints Committee, in the presence of Counselor Dr Mansour Mohammed bin Nassar, Head of the Legal Department of the Government of Sharjah; Issa bin Hanzal, Director of the Legal Department of the Government of Sharjah; and from Sharjah Municipality, Khalid Falah Al Suwaidi, Director of Customer Service; Abdullah Ibrahim Shuhail, Director of the Rental Regulation Department; and Muhammad Ali Al Ridwan, Head of the Judgments Implementation Department.

Counselor Dr. Mansour Mohammed bin Nassar, Head of the Legal Department of the Government of Sharjah, gave a speech in which he praised the role of SCC in completing the legislative cycle of draft laws. He stressed the importance of the current draft law as it represents a work system that adds to the gains of the Emirate of Sharjah and its keenness to regulate the relationship between landlord and tenant, in accordance with the laws in force in the city of Sharjah. He pointed out that the Emirate of Sharjah constitutes an attractive environment for investors and families, so a strong law and legislation were created to regulate the trading of real estate, including buying and selling, and other real rights, all of which will be regulated by the draft law, especially since the previous law was issued in 2007, meaning it has been approximately 17 years old, and there is a need to amend it to keep pace with developments and meet the needs of the parties.

Khaled Falah Al Suwaidi, Director of Customer Service at Sharjah Municipality, stressed the importance of the draft law on real estate leasing, pointing out that the draft law contains regulating articles that embody the vision towards enhancing tourist, investment and residential attraction in the Emirate of Sharjah.

Al Suwaidi pointed out that the current wording of the draft law touches on the living situation of society and brings together all relevant parties in an organised law that keeps pace with developments and demand for the real estate sector in the Emirate of Sharjah.

Hamad Abdel Wahab Al Qawadi, Rapporteur of the Council’s Legislative and Legal Affairs, Suggestions, Appeals and Complaints Committee, read out a draft law for the year 2024 regarding real estate leasing in the Emirate of Sharjah, reviewing the definitions, objectives, competencies and other legal articles mentioned in the draft law.

Members discussed all the provisions and objectives of the law, which are aimed at regulating the relationship between the landlord and the tenant.

In their interventions, the members presented a number of opinions on the articles of the draft law, and the government representatives responded to the inquiries by explaining aspects of the legal interpretation of the articles of the draft law, as well as aspects of work in implementing the law.

The Council approved a draft law for the year 2024 regarding real estate leasing in the Emirate of Sharjah at its fifth plenary session, making the draft law the second that the Council will discuss at the beginning of its work for the eleventh legislative term.At the end of the session, the Secretary-General of the Council, Ahmed Saeed Al-Jarwan, announced that the next meeting will discuss the Council’s recommendations regarding the policy of Sharjah Tourism and Commerce Development Authority.

Bank of Sharjah :Bank of Sharjah, one of the leading commercial banks in the UAE, reaffirms its commitment to expanding its presence in local, regional and international markets. Accordingly, the Bank has acted as a Mandated Lead Arranger in a US$ 800 Million 4-year Syndicated Revolving Credit Facility for Investcorp Capital, alongside other international and regional banks. The transaction garnered significant interest from the market, and this enthusiastic response prompted Investcorp to upscale the facility to US$ 800 million from the initial US$ 600 million.

Meanwhile, the Sharjah Press Club, operating under the umbrella of the Sharjah Government Media Bureau, unveiled the agenda of the 13th edition of the annual Sharjah Ramadan Majlis, which will be held, under the patronage of H.H. Sheikh Sultan bin Ahmed Al Qasimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Media Council, from March 18 to 21, at Al Majaz Amphitheatre in Sharjah, featuring leading speakers and experts in four sessions tackling vital topics in religion, sports, art and entrepreneurship.

The first session, titled “Football Skills: Establishment and Development,” to be held on Monday, March 18, will be headlined by international football star Luka Modric, the midfielder of the Spanish club Real Madrid and the Croatian national team, who won the FIFA World Player of the Year award. The session will be moderated by journalist Ahmed Sultan. The session discusses the conditions and constants necessary to develop indigenous football talent and achieve competitiveness, and how players maintain their professional levels for the longest possible period. The session will also discuss ways of building rising generations in football that keep pace with modern football that critically depends on both fitness and skills.

WAM