New Rak Directive For Realty OfficesTuesday, September 16, 2008
Ras Al Khaimah: Only UAE and GCC nationals will be allowed to hold licences for real estate offices in the emirate of Ras Al Khaimah, according to a resolution issued by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah. 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 executive bylaw stipulates. A bank guarantee worth Dh300,000 is needed if the scope of business will include selling, buying and brokerage of lands and properties. If the office practices leasing of lands and properties, the guarantee will be Dh100,000. Source: Gulf News
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