Business | Economy
RAK issues new law to regulate trade practice
His Highness Shaikh Saqr Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, issued Law No 7 for the year 2008, regarding price control sales, after viewing the Ras Al Khaimah Municipality Law 1981, and the Local Order No 1 for the year 1994, regarding promotion campaigns for advertising, and the executive panel for the Local Order No 4 for the year 2002 regarding price control and sales.
- WAM
- Published: 00:11 May 25, 2008
Ras Al Khaimah: His Highness Shaikh Saqr Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, issued Law No 7 for the year 2008, regarding price control sales, after viewing the Ras Al Khaimah Municipality Law 1981, and the Local Order No 1 for the year 1994, regarding promotion campaigns for advertising, and the executive panel for the Local Order No 4 for the year 2002 regarding price control and sales.
The first provision of the law deals with the words and terms used in the law, such as emirate, Ras Al Khaimah etc, while the second provision states that any trade store is not to conduct a sales campaign, or advertise this sale through any media outlet, unless there is a prior approval obtained from the Ras Al Khaimah Department of Economic Development.
The law also prohibits stores conducting sales unless the store is properly registered in the RAK Chamber of Commerce and Industry. The law also limited the sales percentage to 25 per cent, while end of season sale is to be limited by 40 per cent.
Development: Projects approved
Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, approved on Saturday a series of development projects to be implemented in the Al Jazeera Al Hamra area in the emirate.
The development plan for the area would include construction of 100 new houses for citizens as well as distribution of plots of land for the people.
The government would also initiate steps for the construction of a corniche stretching across the coastal areas of Al Jazeera Al Hamra as well as build a new park in the area.
- Nasouh Nazzal, Staff Reporter
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