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RAK permits 100pc freehold ownership

Mohammed Sultan Al Qadi, managing director, RAK Properties, said, "This decree is another proof of Ras Al Khaimah is 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 residential and industrial projects. The decree is expected to give a huge boost for the economy of the emirate in all sectors.