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Law No. (18) of 2023 On Amending Law No. (2) of 2017 On Establishment of Ras Al Khaimah Economic Zones and the Supervisory Authority

Law
Law No. (18) of 2023 On Amending Law No. (2) of 2017 On Establishment of Ras Al Khaimah Economic Zones and the Supervisory Authority We, Saud Bin Saqr Bin Mohamed Al Qasimi, Ruler of Ras Al Khaimah Emirate, And Law No. (2) of 2017 on Establishment of Ras Al Khaimah Economic Zones and the Supervisory Authority. And Law No. (17) of 2023 on Amending Ras Al Khaimah Free Zone Law of 2000. And Emiri Decree No. (25) of 2023, On Amendment Emiri Decree No. (2) of 2005 On Establishment of Ras Al Khaimah Investment Authority. And based on what public interest requires; Have promulgated the following law: Article (1) The phrase, "Subject to provisions of Article 19, the following shall be made" mentioned at the beginning of Article 18 of Law No. 2 of 2017 shall be replaced by the phrase: "Without prejudice to provisions of Law No. [17] of 2023 On Amending Ras Al Khaimah Free Zone Law of 2000, and provisions of Emiri Decree No. [25] of 2023 On Amending Emiri Decree No. (2) of 2005 On Establishment of Ras Al Khaimah Investment Authority, the following shall apply: Article (2) 1. Article (19) of Law No. (2) of 2017 shall be repealed and the special committee set up under paragraph (b) of the said Article shall be repealed. 2. All procedures taken and resolutions issued pursuant to Article (19) of Law No. (2) of 2017 and / or resolutions and procedures on transferring ownership of assets, properties, rights and liabilities of Ras Al Khaimah Free Zone Authority and Ras Al Khaimah Investment Authority to Ras Al Khaimah Economic Zones Authority under Law No. (2) of 2017 shall be deemed valid and effective with no need for any further action or ratification whatsoever. Article (3) Article (20) of Law No. (2) of 2017 shall be repealed. Article (4) The remaining articles of Law No. (2) of 2017 shall remain unchanged. Article (5) Any law, decree or resolution, or any provisions thereof, shall be repealed to the extent that they are contradicting with provisions of this law. Article (6) This law shall come into force as date of 1st January 2024 and shall be published in the Official Gazette. Saud bin Saqr Al Qasimi Ruler of Ras Al Khaimah Promulgated by us on this day, 16th of Jumada Al-Akhirah, 1445 H. Corresponding to 29th of December 2023 G.
  • The phrase, "Subject to provisions of Article 19, the following shall be made" mentioned at the beginning of Article 18 of Law No. 2 of 2017 shall be replaced by the phrase:
    "Without prejudice to provisions of Law No. [17] of 2023 On Amending Ras Al Khaimah Free Zone Law of 2000, and provisions of Emiri Decree No. [25] of 2023 On Amending Emiri Decree No. (2) of 2005 On Establishment of Ras Al Khaimah Investment Authority, the following shall apply:

     
  • 1. Article (19) of Law No. (2) of 2017 shall be repealed and the special committee set up under paragraph (b) of the said Article shall be repealed.
    2. All procedures taken and resolutions issued pursuant to Article (19) of Law No. (2) of 2017 and / or resolutions and procedures on transferring ownership of assets, properties, rights and liabilities of Ras Al Khaimah Free Zone Authority and Ras Al Khaimah Investment Authority to Ras Al Khaimah Economic Zones Authority under Law No. (2) of 2017 shall be deemed valid and effective with no need for any further action or ratification whatsoever.

     
  • Article (20) of Law No. (2) of 2017 shall be repealed.

     
  • The remaining articles of Law No. (2) of 2017 shall remain unchanged.

     
     
  • Any law, decree or resolution, or any provisions thereof, shall be repealed to the extent that they are contradicting with provisions of this law.

     
  • This law shall come into force as date of 1st January 2024 and shall be published in the Official Gazette.
Classification
  • Civil Legislation
  • Economic Legislation
  • Investment Legislation
  • Free Zone
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