By IANS,
Dubai : A new law here stipulates that only nationals of the United Arab Emirates (UAE) and other Gulf nations can hold a licence for running a real estate office in the emirate of Ras Al Khaimah.
According to a new resolution passed by Sheikh Saud Bin Saqr Al Qasimi, crown prince and deputy ruler of Ras Al Khaimah, the licence holder should run the business by himself or through a relative, the state-run Emirates News Agency (WAM) reported.
“The licence holder should run the business by himself or by a kin or a partner. He is not allowed to lease the licence to any other person,” the new law stipulates.
Ras Al Khaimah is one of the seven emirates that make up the UAE and has a large expatriate population.
The emirate is witnessing a huge construction and real estate boom as in other parts of the UAE.
According to the new law, if the scope of business of the real estate office includes selling, buying and brokerage of lands and properties, then a bank guarantee of 300,000 dirhams ($81,703) is required.
If the office practices leasing of land and properties, the banking guarantee will be 100,000 dirhams ($27,224) and if it sells, buys, leases, brokers and manages lands and properties, then the guarantee amount will be 400,000 dirhams ($108,937).
The new law also stipulates the percentage of commission these offices should get in return of their services, terms and conditions for licensing real estate offices, and their responsibilities and duties as well as legal liability.