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Emirate of Dubai

Dubai ruler issues decree on mortgaging granted lands in the emirate

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum issued Decree No (31) of 2016 on mortgaging granted lands in the emirate. The Decree defines the granted lands as the lands owned by the government and granted to the beneficiary for residential, commercial or industrial purposes. The Decree states that the beneficiary may mortgage the land to any bank or financial institution registered duly in Dubai. The mortgage is legally binding for all concerned parties if the monies arising from the pledge of the commercial…