Tuesday 06 December 2022 - 1:35:28 am

UAQ Ruler issues law to establish ‘Real Estate Foundation’

UMM AL QAIWAIN, 28th June, 2022 (WAM) -- H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, issued Law No. 2 for 2022 on the establishment of a "Real Estate Foundation" in the emirate of Umm Al Qaiwain.

The law stipulates that a government establishment with an independent legal personality will be established under the name, Real Estate Foundation of Umm Al Qaiwain, and its CEO will be its head.

The law also aims to develop and adopt the best practices in the emirate’s real estate sector, and the foundation will have authority over entities in charge of advancing and licensing the sector, as well as those that draft real estate policies and regulations.

The foundation also aims to help draft related strategies and implement the necessary action plans to advance the sector and keep pace with the growth of the emirate’s urban economy over the past few years, as well as the urgent need to reorganise the local real estate sector, to meet the increasing demands from investors to construct more investment properties in the emirate used for residential, commercial and industrial purposes.

WAM/Lina ibrahim/MOHD AAMIR