Thursday, August 24, 2023 – 5:22 PM
Fujairah, August 24, WAM/ His Highness Sheikh Hamad bin Muhammad Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, issued Law No. 3 of 2023 regulating the ownership of joint real estate in the Emirate of Fujairah.
His Highness Sheikh Hamad bin Muhammad Al Sharqi, Member of the Supreme Council and Ruler of Fujairah, issued Law No. 4 of 2023 related to escrow accounts for real estate development in the Emirate of Fujairah.
The two laws required all developers, management companies, and owners’ associations or associations to reconcile their positions in accordance with the provisions of this law, within six months from the date of its enforcement, with the possibility of extending this period by the director of the competent authority for a similar period when necessary.
The two laws also indicated that their articles do not prejudice the contracts concluded between the developer and the owner that were concluded before it came into force, as well as the basic complex system approved by the competent authority and deposited with it, with the exception of the formation of owners associations.
Ahmed Al Botli
