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AD passes foreign ownership law
- United Arab Emirates: Sunday, August 14 - 2005 at 06:10
The Abu Dhabi government has issued a law allowing foreigners to own property in specified investment areas. Ownership is through a 99-year land title agreement or a renewable 50-year surface ownership deal, according to UAE news agency WAM. Previously, Abu Dhabi restricted foreigners to leasing property. Property developers welcomed the law and said it would create a big demand for property in Abu Dhabi.
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James McInerney, News EditorSunday, August 14 - 2005 at 06:10 UAE local time (GMT+4)
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This article was updated on Sun Dec 03 2006.
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