Sharjah24 - WAM: His Highness Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has issued Law No.1 of 2021 on real estate ownership in Umm Al Qaiwain.
The law stipulates the formation of a committee, entitled "The Compensations Assessment Committee", under the Executive Council Resolution No. 4 of 2020. It also stipulates Federal Law No. 5 of 1985, also known as the Civil Transactions Law, will regulate civil transactions in the emirate.
The law further stipulates that all rights acquired in real estate and/or granted under Law No. 3 of 2006 concerning real estate ownership and its amendments under Law No. 1 of 2009 and any other applicable law, regulation or resolution will remain effective, provided they do not conflict with the provisions of this law.
The law stipulates that the right to own property in the emirate, except in investment zones, will be limited to Emirati citizens and legal persons who are granted ownership as per a decree issued by His Highness Sheikh Saud.
The law shall come into force on the date of its issuance and be published in the Official Gazette.
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