LONDON: The Dubai government issued a decree on Thursday that aims to “provide housing solutions for the beneficiaries of grants and their families and to preserve the demography of citizens’ residential areas,” said a report from state news agency WAM.
Dubai’s Ruler HH Sheikh Mohammed has authorized the emirate’s national housing body Mohammed bin Rashid Housing Establishment (MRHE) to permit housing grant benefactors to “sell the house or land granted to him if the beneficiary owns another house or plot of land or if the house does not satisfy his requirements.”
The decree stipulates, “The purpose of selling the house or land should be to buy another house or plot of land and the beneficiary must agree in writing to the transaction being supervised by the MRHE. The beneficiary will not be able to apply for another house or plot of land once the house or land granted to him is sold.”
The law also states that the buyer must be a UAE national and the property should not be attached to any legal or financial liabilities and the sale price should not be less than the market value.
The decree specifies the terms and conditions for selling inherited property, trading properties, purchasing adjacent government-owned property and renting a house built on granted land.
MRHE was established in 2007 with the aim of providing appropriate housing to Dubai nationals through various means, such as granting residential plots, governmental houses and giving housing loans.
Dubai permits citizens to sell ‘granted’ government homes
Dubai permits citizens to sell ‘granted’ government homes
Middle East war economic impact to depend on duration, damage, energy costs, IMF official says
- Katz: Prolonged increase in energy prices could unanchor inflation expectations
- IMF: 2026 global GDP outlook was solid, too early to judge war’s impact on growth
WASHINGTON: The Middle East war’s impact on the global economy will depend on its duration and damage to infrastructure and industries in the region, particularly whether energy price increases are short-lived or persistent, the International Monetary Fund’s number two official said on Tuesday.
IMF First Deputy Managing Director Dan Katz told the Milken Institute Future of Finance conference in Washington that if there is prolonged uncertainty from the conflict and a prolonged impact on energy prices, “I would expect central banks to be cautious and respond to the situation as it materializes.”
He said the conflict could be “very impactful on the global economy across a range of across a range of metrics, whether it’s inflation, growth and so on” but it was still early to have a firm conviction.
Prior to the US and Israeli air strikes on Iran and counterattacks across the region, the IMF had forecast solid global GDP growth of 3.3 percent in 2026, powering through tariff disruptions due in part to the continued AI investment boom and expectations of productivity gains.
Katz said that the economic impact from the Middle East conflict would be influenced by its duration and further geopolitical developments.
Earlier, the IMF said it was monitoring the conflict’s disruptions to trade and economic activity, surging energy prices and increased financial market volatility.
“The situation remains highly fluid and adds to an already uncertain global economic environment,” the Fund said in a statement issued from Washington. Katz said the IMF will look at the conflict’s direct impacts on the region, including damage to infrastructure, and disruptions to key sectors.
“Tourism is an important one. Air travel. Is there physical damage to infrastructure, production facilities, and the big industry in particular that everyone will be focused on is, of course, the energy industry,” he said.
Oil rose further on Tuesday as Iran vowed to attack ships passing through the Strait of Hormuz. Brent crude oil , the global benchmark, surged to $83 per barrel, up 15 percent from its level on Friday.
Katz said he expected central banks to “look through” a temporary rise in energy prices, given their focus on core inflation. But central banks could respond if a more persistent energy shock results in “a destabilizing of inflation expectations.”
He said the post-COVID inflation spike of 2022 was influenced by energy impacts from Russia’s invasion of Ukraine, with more pass-through from headline inflation to core inflation.
“And so I’m sure central banks, as they are thinking about how the geopolitical situation is translating into energy markets, will be looking at the lessons of the pandemic and seeing if they can apply any of those lessons in setting monetary policy,” Katz said.
