UAQ Ruler issues resolution on foreign freehold real estate ownership

Foreigners, limited liability companies partially owned by foreigners, free zone companies and offshore companies have the right to freehold real estate ownership

  
Aykon City project on Sheikh Zayed Road in Dubai. Image for illustrative purposes.

Aykon City project on Sheikh Zayed Road in Dubai. Image for illustrative purposes.

Damac Properties

UMM AL QAIWAIN- H.H. Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, issued Resolution No. 4 of 2021 on foreign freehold real estate ownership in the Emirate of Umm Al Qaiwain.

Under the resolution, foreigners, limited liability companies partially owned by foreigners, free zone companies and offshore companies have the right to freehold real estate ownership, and any other legislation that contradicts the provisions of this resolution shall be repealed.

The resolution also stipulates that specific freehold ownership zones will be determined under a resolution from H.H. Sheikh Saud, taking into account real estate development, freehold real estate ownership for foreigners or any other relevant considerations.

The law shall come into force on the date of its issuance and published in the Official Gazette.

© Copyright Emirates News Agency (WAM) 2021.


More From GCC