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Law No. (9) of 2023 On Amending Law No. (2) of 2017

Law
Law No. (9) of 2023 On Amending Law No. (2) of 2017 Regarding Establishing Ras Al Khaimah Economic Zones & Supervising Authority We, Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah After perusal of the Constitution; And Law No. (7) of 2012 on Establishing Executive Council of Emirate of Ras Al Khaimah; And Law No. (2) of 2017 on Establishing Ras Al Khaimah Economic Zones and the Supervisory Authority; And Law No. (11) of 2021 on Land Register in Emirate of Ras Al Khaimah; And after approval of the Executive Council. promulgated the following law: Article (1) A second paragraph shall be added to Article (3) of Law no. 2 of 2017 on Establishing Ras Al Khaimah Economic Zones and the Supervisory Authority as follows: "The geographical locations of Ras Al Khaimah Economic Zones shall be considered as free-hold areas". Article (2) A new clause shall be added to Article (5) of the mentioned law as follows: "c- The assets and funds of the Authority shall be considered public funds and exempted from all local government fees and charges." Article (3) The text of Article (6) of the mentioned law shall be replaced by the following text: The financial resources of the Authority shall consist of the following: a. Fees of licenses and services provided by the Authority and rents due thereto. b. Any other resources approved by the Board in accordance with the objectives of RAK Economic Zones. Article (4) The text of clause (c) of Article (8) of the mentioned law shall be replaced by the following text: "Create records for registering companies, commercial, real estate transactions and mortgages without prejudice to Law no. (11) of 2021 on Land Register in Emirate of Ras Al Khaimah." Article (5) Two new clauses shall be added to Article (10) of the mentioned law as follows: "p- Set up committees to carry out tasks of the Board." "q- Any other tasks assigned to the Authority from time to time by the Ruler." Article (6) The text of clause (b) of Article (12) of the mentioned law shall be replaced by the following text: "b- Neither the Authority nor its staff shall be responsible to third parties for liabilities of companies and staff thereof or natural persons licensed or authorized by the Authority to work within RAK Economic Zones." Article (7) The text of clause “ f ” of Article (15) of the mentioned law shall be replaced by the following text: a. "Real Estate & Rental Disputes Settlement Committee shall have the exclusive jurisdiction over all disputes arising from the Authority activities in real estate development and renting the properties within RAK Economic Zones in accordance with provisions of this Law, Decrees and Resolutions issued in implementation thereof or relating to the same." Article (8) Any other provision conflicts with provisions of this Law shall be repealed. Article (9) This law shall come into force as date of its promulgation and shall be published in the Official Gazette. Saud Bin Saqr Bin Mohamed Al Qasimi Ruler of Ras Al Khaimah Promulgated by us on this day Second of Dhul Hijjah 1444 H. Corresponding to Twenty First of June 2023 G.
  • A second paragraph shall be added to Article (3) of Law no. 2 of 2017 on Establishing Ras Al Khaimah Economic Zones and the Supervisory Authority as follows:
    "The geographical locations of Ras Al Khaimah Economic Zones shall be considered as free-hold areas".
     
  • A new clause shall be added to Article (5) of the mentioned law as follows: 
    "c- The assets and funds of the Authority shall be considered public funds and exempted from all local government fees and charges."
     
  • The text of Article (6) of the mentioned law shall be replaced by the following text:
    The financial resources of the Authority shall consist of the following:
    a. Fees of licenses and services provided by the Authority and rents due thereto.
    b. Any other resources approved by the Board in accordance with the objectives of RAK Economic Zones.
     
  • The text of clause (c) of Article (8) of the mentioned law shall be replaced by the following text:
    "Create records for registering companies, commercial, real estate transactions and mortgages without prejudice to Law no. (11) of 2021 on Land Register in Emirate of Ras Al Khaimah."
     
  • Two new clauses shall be added to Article (10) of the mentioned law as follows: 
    "p- Set up committees to carry out tasks of the Board."  
    "q- Any other tasks assigned to the Authority from time to time by the Ruler." 
     
  • The text of clause (b) of Article (12) of the mentioned law shall be replaced by the following text:
    "b- Neither the Authority nor its staff shall be responsible to third parties for liabilities of companies and staff thereof or natural persons licensed or authorized by the Authority to work within RAK Economic Zones."  
     
  • The text of clause “ f ” of Article (15) of the mentioned law shall be replaced by the following text:
    a. "Real Estate & Rental Disputes Settlement Committee shall have the exclusive jurisdiction over all disputes arising from the Authority activities in real estate development and renting the properties within RAK Economic Zones in accordance with provisions of this Law, Decrees and Resolutions issued in implementation thereof or relating to the same."  
     
  • Any other provision conflicts with provisions of this Law shall be repealed.
     
  • This law shall come into force as date of its promulgation and shall be published in the Official Gazette.
Classification
  • Civil Legislation
  • Economic Legislation
  • Investment Legislation
  • Free Zone
Related Legislations
Legislation Number Legislation Subject
2023-2-18 Law No. (18) of 2023 On the amendment of Law No. 2 of 2017 Regarding RAK Economic Zones and the Supervising Authority
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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