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100% freehold ownership for RAK Properties projects

- November 28, 2005, 11:42 am

His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, recently issued a Freehold Decree allowing foreigners and expatriates to enjoy complete ownership of properties within RAK Properties’ projects in Ras Al Khaimah.

Mohammed Sultan Al Qadi, Managing Director, RAK Properties, said ‘We are very thankful to His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, for his boundless support and his gratuitous trust in our company. This Decree is another proof of His Highness’s wise and pioneering vision for Ras Al Khaimah as a promising investment opportunity and a touristic destination in the region’.

The Decree number 18 for the year 2005 states in its second article that, RAK Properties can sell its residential, commercial and tourism units that are part of the company’s projects as freehold and without a time bound ownership deed.

This move comes in line with several other efforts that were taken by the Government of Ras Al Khaimah recently in the aim of supporting the lucrative projects of RAK Properties. This Decree was preceded by RAK Government granting 50 million sq.ft of strategically located land to RAK Properties for their huge residential and industrial projects.

The Decree is expected to give a huge boost for the economy of the emirate in all sectors, as it will attract a wide spectrum of foreign investors who are looking for a new and secure destination for their investments.

‘This Decree is a turning point in the history of the real estate sector in Ras Al Khaimah in particular and the UAE in general. This increases the responsibility laid upon RAK Properties and therefore makes us more committed to our plans and projects that will make the emirate a promising investment and touristy destination for potential investors and fulfil the expectations of our shareholders’, concluded Al Qadi.

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