Estate agencies in Ras al Khaimah are to be put into the hands of Emiratis and GCC nationals under a new rule introduced yesterday.
The move was seen by industry experts as a means of allowing nationals to benefit from the property boom, while a separate measure requiring agencies to make sizeable bank guarantees was designed to curb fraud.
Under the executive bylaw, which was issued by Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of Ras al Khaimah, estate agencies in RAK will have to be fully owned by UAE and GCC nationals, with licence-holders running the business themselves, or through a relative or partner, according to the government news agency WAM.
Estate agencies will also be obliged to make banking guarantees, with amounts varying depending on the nature of their business. The law also sets the commission businesses can charge, as well as outlining their responsibilities, duties and legal liability.
Roger Wilkinson, the managing partner of Northern Emirates Property, a leasing and management company licensed in Ajman, said the move was intended to help Emiratis benefit from RAK's rapidly expanding property sector.
Developments by the property company Rakeen include the US$1.8 billion (Dh6.6bn) Al Murjan island, an offshore financial city and a convention centre. RAK Properties is also building numerous residential, commercial and tourism projects, including Mina al Arab and Julfar Towers. With so much development under way, estate agencies are expected to profit from a booming sales and leasing market.
Mr Wilkinson said the laws would bring RAK closer to the Sharjah model, where licences are 100 per cent owned by UAE and GCC nationals. In contrast, neighbouring Ajman allows foreigners to own up to 49 per cent of an estate agency. The bank guarantees are intended to deter estate agencies from collecting investors' payments and fleeing the country, he added.
rditcham@thenational.ae
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UAE currency: the story behind the money in your pockets
Ramy%3A%20Season%203%2C%20Episode%201
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Cricket World Cup League Two
Teams
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
Fixtures
Saturday January 11 - UAE v Oman
Sunday January 12 – Oman v Namibia
ASSASSIN'S%20CREED%20MIRAGE
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
UFC%20in%20Abu%20Dhabi
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COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
COMPANY%20PROFILE
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