We, Saud Bin Saqr Bin Mohammed Al Qasimi, Crown Prince & Deputy Ruler
- After having perused the Federal Law No. 5 of 1985 in respect of Civil Transactions and its related amendments;
- Ras Al Khaimah Emiri Decree No. 5 of 2005 on the establishment of RAK Investment Authority, and
- Ras Al Khaimah Emiri Decree No. 15 of 2006 on property mortgage and other decrees on free hold ownership,
- and as the public interest may require, do hereby issue the following Decree:
Unless the context requires otherwise, the following terms and expressions shall have the meanings as set out opposite each of them:
The Emirate: The Emirate of Ras Al Khaimah.
RAKIA: RAK Investment Authority.
President: The Chairman or the CEO of RAKIA.
Register: The Register prepared by RAKIA to register Developers.
Guarantee Account: The bank account designated for a property development in which the amounts paid by buyers of units off the plan or the project financing parties will be deposited.
Dev...