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: Free Zones in the UAE |
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RAK
Investment Authority
[RAKIA] |
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Ras Al Khaimah implements escrow law
for Rakia-supervised freehold projects |
Ras Al Khaimah Investment Authority has revealed
that the recent establishment of Rakia Real Estate
Regulatory Agency by an Emiri Decree has created a
new layer of protection for real estate investors in
Ras Al Khaimah, as the Agency will oversee the
implementation of the escrow account law for
freehold projects under Rakia.
Several property developers have already registered
their projects with Rakia Rera, which now monitors
Rakia-supervised real estate developments with a
collective value of Dhs6bn.
Developers may only register with Rakia Rera when
the project's concept design has been approved,
which will allow them to open an escrow account and
start selling properties. Rakia Rera will also
oversee the proper conduct of construction by
sending out a team of engineers to inspect projects
and make sure that the emirate's construction policy
and the key points in the contract are strictly
followed.
Eng. Yahia Kambris, General Manager, Rakia Rera,
said: 'The escrow account has been implemented to
prevent mishandling of construction funds and ensure
that investors' money is spent according to the
master plan of the project. In this regard, Rakia
Rera has been established to strictly implement the
emirate's escrow account law for projects under
Rakia's supervision. The establishment of the new
real estate watchdog is an important step in our
efforts to safeguard and protect the interest of
investors and reinforce the reputation of Ras Al
Khaimah as an attractive and practical investment
destination in the region.'
Among the developers that have registered with Rakia
Rera include Select Group, the developer of Pacific;
Manazil Real Estate, which is developing Marbella
Bay; Pure Real Estate, developer of Blue Mirage;
Stallion Properties, which is developing Santorini;
and e-myproperty, developer of Bab Al Badr. Yes
Properties, developer of The Quay, is now completing
the registration process and will soon open an
escrow account.
Several banks, including Badr Al Islami-Mashreq,
Bank of Baroda, Commercial Bank of Dubai, Abu Dhabi
Commercial Bank and Dubai Islamic Bank, have also
signed an agreement with Rera to offer escrow
accounts.
Since its establishment in 2005, Rakia has become
one of the pillars of the emirate's economic
progress with groundbreaking investment initiatives
within the emirate and across international markets.
Rakia plays an important role in nurturing the
emirate's investment landscape as it has been
mandated to manage Ras Al Khaimah's Industrial Zone
and Free Zone in Al Hamra, and the Industrial Park
in Al Ghail. |
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Courtesy AME
Info FZ LLC
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Hot
properties in UAE - Freehold |
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