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Abu Dhabi Allows Foreigners to Own Properties in Investment Areas

Abu Dhabi via WAM
Abu Dhabi via WAM
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Abu Dhabi Allows Foreigners to Own Properties in Investment Areas

Abu Dhabi via WAM
Abu Dhabi via WAM

Abu Dhabi will now allow all foreigners to own land and property in investment areas on a freehold basis after making changes to its real estate law, state news agency WAM reported on Wednesday.

The United Arab Emirates capital previously limited ownership largely to Emiratis and citizens of the neighbouring Gulf Cooperation Council (GCC) states.

Ruler of Abu Dhabi, President Sheikh Khalifa bin Zayed Al Nahyan, has issued a law amending provisions concerning real estate sector in Abu Dhabi.

The new law stipulates amendments regarding the rights to own property, which are limited to three categories. The first being Emirati citizens, natural or legal persons, the second includes public holding companies with ownership not exceeding 49% non-nationals, or the third as any person to whom a decision is issued by the Abu Dhabi Crown Prince or the President of the Executive Council.

Another article stipulates that non-UAE nationals, natural or legal persons, shall have the right to own and acquire all original and in-kind rights in real estate properties located within investment areas.

Also, the amendments include an article which stipulates that the holders of a 'usufruct' or 'musataha' for more than ten years shall have the right, without the consent of the landlord to dispose of the property, including the right of mortgage, however the landlord may not mortgage the property except with the consent of the usufruct or musataha holder. In both cases, the parties may agree otherwise, WAM reported.

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, directed Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of the Executive Committee and Member of the Abu Dhabi Executive Council, to review the emirate's real estate sector development in line with international trends and standards.

The Abu Dhabi Executive Committee raised a proposal to update the Real Property Law, following a study on the emirate's real estate sector, and the holding of a series of meetings with stakeholders, investors and real estate developers, to identify means to develop the sector, and consolidate the status of Abu Dhabi as an investment destination, according to WAM.

Sheikh Khalid bin Mohamed said, "Updating the Real Property Law reflects the leadership's support and vision to develop the emirate's economy, with the guidance of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and monitoring of Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, who have both stressed the importance of updating legislation to accelerate economic growth and the development landscape of Abu Dhabi."

He also noted that the amendments will have a positive effect on the real estate sector, and will encourage investors to acquire land in designated investment zones within the Emirate of Abu Dhabi, with ample room for development opportunities.

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Business

Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
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Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)

The Turkish Central Bank's total reserves fell by another $1.5 billion last week, according to bankers' calculations, after having dropped by double-digits in the week of October 24.

According to the calculations, which were based on the central bank's leading indicators, gross reserves fell to $184 billion, while net reserves rose by $1.5-2 billion to stand at $69.5 billion.

The decline in global gold prices caused a drop of $1 billion last week, after having caused a decrease of more than $5 billion the previous week.

Bankers calculated that the central bank, which sold $5.5 billion in foreign currency the previous week, bought $1.5 billion in foreign currency last week. Official data is expected to be announced on Thursday.

Business

Libya Considers Raising Oil Output to 1.6 Mln bpd Next Year, Oil Minister Says

Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
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Libya Considers Raising Oil Output to 1.6 Mln bpd Next Year, Oil Minister Says

Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk
Representation photo: A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk

Libya is considering raising its oil output to 1.6 million barrels per day next year, and 1.8 million bpd in 2027, the country's Oil Minister Khalifa Abdulsadek said on Tuesday.

"We have a mission to increase oil output to 2 million bpd in the next 5 years", the minister said at the ADIPEC energy conference in Abu Dhabi, adding that production is currently around 1.4 million bpd, reported Reuters.

Business

Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)
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Saudi Arabia Extends Finance Minister’s Authority to Grant Exemptions Under Govt Tenders Law

The Saudi capital, Riyadh. (SPA)
The Saudi capital, Riyadh. (SPA)

Asharq Al-Awsat has learned that Saudi Arabia has extended the authority of its Minister of Finance to grant exemptions from certain provisions of the Government Tenders and Procurement Law in cases where applying those provisions is not feasible under revenue-sharing arrangements.

The three-year extension is intended to encourage innovative financing mechanisms and expand public-private partnerships (PPPs) as part of the Kingdom’s economic transformation.

The revenue-sharing model is a modern contractual approach that enables government entities to collaborate with the private sector in delivering goods or services. Under this model, projects are funded entirely through revenues generated by their operations, rather than through direct allocations from the state budget.

The approach seeks to harness private-sector expertise and achieve maximum value for public funds.

Because some contracts under this model may require adjustments or exemptions from certain procurement rules, the extension authorizes the finance minister to review and approve such exemptions on a case-by-case basis after assessing their necessity and justification.

According to Asharq Al-Awsat sources, the government has also instructed the minister, in coordination with relevant agencies, to explore alternative mechanisms for processing exemption requests before the end of the extension period.

The decision was based on a recommendation from the Council of Economic and Development Affairs, which also tasked the finance ministry with continuing to coordinate with related government entities to ensure that exemptions align with national policy and regulatory frameworks.

Under the law, the Minister of Finance has the authority to approve new contracting and procurement mechanisms, standardized tender documents, and evaluation criteria. The minister may also extend the implementation period of the law by one year if government entities require more time to achieve full readiness for compliance.

The law further authorizes the minister to decide on maintaining exemptions related to Vision 2030 programs, provided that such recommendations are submitted jointly with the Strategic Management Office to the government at least six months before the end of the extension, along with proposals for future oversight.

The Government Tenders and Procurement Law aims to regulate contracting procedures, prevent conflicts of interest, protect public funds, and ensure fair competition and value for money in public projects. It reinforces transparency, integrity, and equal opportunity among bidders, while supporting economic growth and good governance.

To boost these efforts, the government established the Local Content and Government Procurement Authority (LCGPA) to strengthen local industries, increase the national economic impact of public procurement, and promote sustainable development.