Resolution
No. (2) of 2013
Authorising
the Branch of Emirates REIT (CEIC) Limited to
Own
Real Property in the Emirate of Dubai[1]
ـــــــــــــــــــــــــــــــــــــــــــــــ
We,
Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal
of:
Law No. (7) of 2006 Concerning Real Property
Registration in the Emirate of Dubai;
Regulation No. (3) of 2006 Determining Areas
for Ownership by Non-UAE Nationals of Real Property in the Emirate of Dubai and
its amendments;
Commercial Licence No. (CL 0997) issued by
Dubai International Financial Centre for Emirates REIT (CEIC) Limited; and
Trade Licence No. (668330) issued by the Department
of Economic Development for the Branch of Emirates REIT (CEIC) Limited (Branch
of a Free Zone Company),
Do
hereby issue this Resolution.
The
branch of Emirates REIT (CEIC) Limited (Branch of a Free Zone Company) is
hereby authorised to own real property in all areas in the Emirate of Dubai,
provided that:
1. the real property is registered in the name of
the above-mentioned branch;
2. the shares owned by the nationals of the
United Arab Emirates and the Gulf Cooperation Council states constitute no less
than fifty one percent (51%) of the total shares of the parent company; and
3. the closure of the branch or liquidation of
the parent company does not lead to owning real property by other than the nationals
of the United Arab Emirates or of the Gulf Cooperation Council states outside
of the freehold areas in the Emirate.
This Resolution comes into force on the day on
which it is issued, and will be published in the Official Gazette.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on 19 February 2013
Corresponding
to 9 Rabi al-Thani 1434 A.H.
© 2015 The Supreme
Legislation Committee in the Emirate of Dubai
[1]Every effort has been made to produce an accurate and complete English version of this legislation. However, for the purpose of its interpretation and application, reference must be made to the original Arabic text. In case of conflict the Arabic text will prevail.