Dubai: The Ajman Government on Tuesday amended a law creating Ajman Real Estate Regulatory Establishment, which will regulate the emirate's property and construction sector, which has seen more than Dh340 billion investment in the last two years.
The investment is transforming the neighbourhoods of the once sleepy town into a vibrant economy where foreign developers are creating new master-planned communities on barren sandscapes that are soon to become homes to thousands of people.
According to a WAM report, His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of Supreme Council and Ruler of Ajman, issued an emiri decree No 11 for the year 2008 amending the emiri decree No 8 for the year 2008.
"The amended decree No 11 includes 21 items in relation to the name of the decree, it's starting date, identifying and finding the establishment, its legal structure, the board of director's authority, representing the establishment, the director general, the establishment's finances, fiscal year, annual budget, making use of employees outside the establishment, tax exemptions, accountancy, executive panels, applying fees, fines and publishing the decree," the report said.
The decree stipulates finding a general establishment affiliated to the Ajmam Government to be called the Ajman Real Estate Regulatory Establishment, with an independent corporate existence and enjoys financial, administrational and legal independence.
"The establishment aims at regulating the activities of real estate development in the emirate and setting the policies and legal systems for licensing property, buildings and investment projects in the emirate. The establishment will also supervise implementing these policies, systems and work projects, and regulating joint ownership," it said.
The establishment will issue policies for property, construction of buildings in Ajman and suggesting legislations and necessary systems for regulating the property operational schemes in the emirate.