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Resolution on investment in Abu Dhabi
ABU DHABI — General Shaikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE armed forces have issued a resolution on specifying investment areas in Abu Dhabi.
The resolution, issued by General Shaikh Mohammed in his capacity as Chairman of the Abu Dhabi Executive Council, sets apart the areas of Al Raha Beach and Al Reem island as investment areas. The resolution stems from General Shaikh Mohammed’s keenness to regulate the emirate’s property sector.
National companies shall be responsible for construction and development of properties in the two areas and offering them, for trading, in coordination with the department of municipalities and agriculture. Further resolutions shall be issued on naming other areas in the emirate as investment areas. Under the law, foreigners can own property in investment areas in Abu Dhabi under a 99-year land title agreement or a renewable 50-year surface ownership deal.
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