laws

The given law, Ajman Emiri Decree No. 15/2002, establishes the Real Estate Investment Establishment in Ajman. The law aims to meet the growing demand for real estate in Ajman by citizens and expatriates for residential and commercial purposes. The law defines "investment real estate" as buildings or groups of buildings constructed by the Establishment on publicly owned land, which can be sold to non-citizens and expatriates on the basis of free co-ownership or long-term monopolized ownership. The Establishment is a public establishment wholly owned by the Ruler's Private Property Management. It has independent legal personality and is authorized to enter into contracts, own investment lands and real estates, and sell investment real estates to third parties. The law also outlines the objectives of the Establishment, which include preparing an annual plan for real estate investments in the Emirate and implementing real estate investment projects. The Establishment's headquarters are in Ajman, and its initial capital is AED one hundred million. The Establishment is managed by a Board of Directors, which has the authority to issue regulations and decisions related to the Establishment's projects and affairs. The law prohibits conflict of interest for the Board members and the Director General. Fundamental decisions of the Board must be submitted to the Ruler for approval. The Establishment's accounts are audited by an auditor appointed by the Board, and the financial year starts on January 1st and ends on December 31st. The Establishment's profits are allocated to a legal reserve and disposed of by decisions issued by the Ruler. The Establishment and its real estate investment projects are exempted from taxes and fees charged by local departments in Ajman. The law was issued by the Ruler of Ajman on December 28, 2002, and was published in the Official Gazette of the Emirate of Ajman.