In a bid aimed at reinvigorating investment sector, the emirate of Umm al-Qaiwain (UAQ) has issued a law regulating investment and usufruct of land plots. A decree to this effect was issued Monday by Sheikh Abdullah bin Rashid Al Mualla, Umm al-Qaiwain Deputy Ruler.
Under the new law, lands plots in Umm al-Qaiwain are granted for industrial, commercial and agricultural investment to UAE and GCC citizens as well as companies fully owned by them provided that their capital should not be less than Dh 1 million. A 50-year investment contract shall be issued for each plot.
According to WAM, about 25 per cent of land plots in the investment zones, according to the law, shall be given to GCC citizens. However, ownership of plots earmarked to and invested by UAQ citizens can be conveyed as per article (4) of the law.
