We, Saqr bin Mohammed bin Salem Al Qasimi, Ruler of the Emirate of Ras Al Khaimah and its dependencies,
- Having reviewed Federal Law No. 20 of 1991 Promulgating the Civil Aviation Law,
- Federal Law No. 4 of 1996 Concerning the Civil Aviation Authority and
- Ras Al Khaimah Emiri Decree No. 4 of 2005,
- Based on the proposal submitted to us by the Crown Prince and Deputy Ruler,
- And in the public interest,
hereby amend the provisions of Emiri Decree No. 4 of 2005 as follows:
RAK Airways is hereby established as a national carrier owned by the Government of Ras Al Khaimah and the founders listed in the annex, and shall enjoy financial and administrative independence and have full legal personality and shall hereinafter be referred to as ‘the Company’.
The authorised capital shall be set at one and a half billion (1.5 billion) dirhams, divided into one and a half billion shares, and the paid-up capital of the Company shall be set at eight hundred and fifty million (850,000,000) dirhams, divided into eight hundred and fifty million (850,000,000) shares with a par value of one dirham...