Launching the first atomic and charitable endowment for usufruct in the UAE
Approval of the request of a donor who temporarily suspended the right to benefit from two properties.
From the source
The Foundation for Endowments and Minors Affairs in Dubai launched a new innovative endowment, which is the first charitable endowment for usufruct in the UAE.
The Usufruct Law in the Emirate of Dubai gives the right to own, use, or manage the property of others, with the aim of enjoying the benefits resulting from it, during a certain period, which expires with its expiry. The right to benefit by suspending his benefit for the benefit of the institution throughout the validity period of this right.
And the request of one of the donors was approved, who suspended the right of usufruct on two properties in Mirdif, Dubai, for a temporary period of 91 years for one of them, and for a period of 83 years for the other property.
The Secretary-General of the Foundation, Ali Muhammad Al-Mutawa, said that there is a large group of individuals in the Emirate of Dubai, and in the country, who own the rights to use their lands, and they did not think of the possibility of stopping this right, charitable or atomic.
Al-Mutawa continued: The idea of stopping the usufruct right came when one of the donors submitted a request to the Foundation to donate the right to use two properties for the Foundation, to form a nucleus and a good gesture that opens the door for those who want to stop the right of usufruct on their lands for charitable and amicable purposes to various charitable banks.
Follow our latest local and sports news and the latest political and economic developments via Google news