Source: www.khaleejtimes.com
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has issued Regulation No. 2 of 2012 to add some land to areas where non-UAE nationals may own real estate properties in the emirate of Dubai.
According to the regulation issued by Shaikh Mohammed in his capacity as the Ruler of Dubai and, after perusal of Law No. 7 of 2006 regarding real estate registration in the Emirate and Regulation No. 3 of 2006 specifying the areas where non-UAE nationals may own real estate properties in Dubai and its amendments, non-citizens are allowed to acquire the usufruct right (life interest) for a period not exceeding 85 years for property located on piece of land No. 1 in Dubai Investments Park 1 and piece of land No. 1 in Dubai Investments Park 2 whose borders and area are set in maps attached to the regulation.
This regulation shall come into force as of the date of issuance and shall be published in the Official Gazette. More info
