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Law No. (18) of 2023 On the amendment of Law No. 2 of 2017 Regarding RAK Economic Zones and the Supervising Authority

Law
Law No. (18) of 2023 On the amendment of Law No. 2 of 2017 Regarding RAK Economic Zones and the Supervising Authority We, Saud Bin Saqr Bin Mohammed Al Qassimi, Ruler of Ras Al Khaimah, Law No. 2 of 2017 Regarding RAK Economic Zones and the Supervising Authority Law No. [17] of 2023 on the amendment of Ras Al Khaimah Free Trade Zone Law of the year 2000 Emiri Decree No. [25] of 2023 on the amendment of Emiri Decree No. 2 of 2005 on the establishment of RAK Investment Authority As the public interest may require Have promulgated the following law: ARTICLE (1) The phrase “in accordance with Article 19, the following shall be applied” mentioned at the beginning of Article 18 of Law No. 2 of 2017 shall be replaced with: “Without prejudice to the provisions of Law No. [17] of 2023 on the amendment of Ras Al Khaimah Free Trade Zone Law of the year 2000, and the provisions of Emiri Decree No. [25] of 2023 on the amendment of Emiri Decree No. 2 of 2005 on the establishment of RAK Investment Authority, the following shall apply:”. ARTICLE (2) 1. Article 19 of Law No. 2 of 2017 shall be repealed and the special committee formed pursuant to paragraph (b) of the said Article shall be cancelled. 2. All procedures done and decisions issued pursuant to Article 19 of Law No. 2 of 2017 and/or those decisions and procedures related to the transfer of ownership of the assets, properties, rights and obligations of the RAK Free Trade Zone Authority and RAK Investment Authority to the RAK Economic Zone Authority pursuant to Law No. 2 of 2017 are considered in order and effective without the need for any further process or ratification whatsoever. ARTICLE (3) Article 20 of Law No. 2 of 2017 shall be repealed. ARTICLE (4) The remainder of Law No. 2 of 2017 shall remain unchanged. ARTICLE (5) Any law or decree or decision, or any provision thereof, which conflicts with this Law is hereby repealed to the extent to which it is in conflict with the provisions hereof. ARTICLE (6) This Law shall come into force and effect as of 1st January 2024 and shall be published in the Official Gazette. Saud Bin Saqr Al Qassimi Ruler of Ras Al Khaimah Issued on 16th Month Jumada II of 1445 A.H. Corresponding to 29th Month December of 2023 AD
  • The phrase “in accordance with Article 19, the following shall be applied” mentioned at the beginning of Article 18 of Law No. 2 of 2017 shall be replaced with:
    “Without prejudice to the provisions of Law No. [17] of 2023 on the amendment of Ras Al Khaimah Free Trade Zone Law of the year 2000, and the provisions of Emiri Decree No. [25] of 2023 on the amendment of Emiri Decree No. 2 of 2005 on the establishment of RAK Investment Authority, the following shall apply:”.
     
  • 1. Article 19 of Law No. 2 of 2017 shall be repealed and the special committee formed pursuant to paragraph (b) of the said Article shall be cancelled.
    2. All procedures done and decisions issued pursuant to Article 19 of Law No. 2 of 2017 and/or those decisions and procedures related to the transfer of ownership of the assets, properties, rights and obligations of the RAK Free Trade Zone Authority and RAK Investment Authority to the RAK Economic Zone Authority pursuant to Law No. 2 of 2017 are considered in order and effective without the need for any further process or ratification whatsoever.
     
  • Article 20 of Law No. 2 of 2017 shall be repealed.
     
  • The remainder of Law No. 2 of 2017 shall remain unchanged.
     
  • Any law or decree  or decision, or any provision thereof, which conflicts with this Law is hereby repealed to the extent to which it is in conflict with the provisions hereof.
     
  • This Law shall come into force and effect as of 1st January 2024 and shall be published in the Official Gazette.

Classification
  • Civil Legislation
  • Economic Legislation
  • Investment Legislation
  • Free Zone
Related Legislations
Legislation Number Legislation Subject
2023-2-9 Law No. (9) of 2023 On Amending Law No. (2) of 2017
2017-2-2 Law No. 2 of 2017 on Establishing Ras Al Khaimah Economic Zones & Supervising Authority as Amended by Law No. 9 of 2023
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