Dubai to transfer some educational land to Knowledge Fund
DUBAI, December 19, 2020
In his capacity as Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Prime Minister, has issued a decree transferring the ownership of certain educational land in Dubai to the Knowledge Fund Establishment.
These are plots granted to government entities and real estate developers, including those leased to third parties, and undeveloped plots granted to individuals and private entities that have not been developed within five years of the date of the grant or those that have ceased to have education activity, reported state news agency Wam.
Furthermore, educational lands allocated to federal entities, foreign communities and civil society organisations are subject to this decree if the lands were not developed within five years of the date of allocation, education activity has ceased in the allocated land or, the purpose of the allocation has lapsed, it added.
The educational lands excluded from the articles of this Decree included those granted to public education facilities, lands within education zones like Dubai Academic City and Dubai Knowledge Park, mortgaged lands and common lands that include educational lands.
Nevertheless, real estate developers can retain the educational lands granted to them before the activation of this Decree if they agree to pay 75 percent of the land’s market value to the Knowledge Fund Establishment in annual instalments within a period not exceeding 34 years.
The Department of Land and Property in Dubai will determine the market value of the educational land within three months of the date of activation of this decree, stated the Wam report.
The real estate developer must notify the Knowledge Fund Establishment of its desire to retain the educational land within six months of the land’s market value being determined.
Accordingly, the Knowledge Fund Establishment will sign an agreement with the real estate developer, it stated.
Starting from the date of activation of the decree, and after transferring ownership of educational lands to the Establishment, it will replace all government entities and real estate developers in all rent and leasehold contracts subject to this decree, it added.
