Sharjah opens up real estate investment to funds: Sharjah’s Executive Council issued guidance on investment funds operating in the real estate sector and approved a new framework to regulate the auction of special vehicle plate numbers, according to a statement.

Under the new decision, Emirati- and GCC-owned investment funds registered with the Securities and Commodities Authority (SCA) can now own real estate in Sharjah. Private and public investment funds owned by Emirati and GCC nationals can own real estate in the emirate and use them for projects approved for usufruct sales.

Yes, but: Real estate funds with units owned by non-Emiratis and non-GCC nationals will be restricted to specific real estate projects, which will be flagged for foreigners.

Cracking down on vehicle plate auctions: The council also moved to regulate the process for auctioning special vehicle registration places, whereby the Sharjah Police General Command will manage everything from setting up and organizing auctions, establishing rules and regulations, liaising with firms, and specifying types of registration plate categories.

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