March 17, 2006	Friday	Safar 16, 1427

DUBAI, March 16: The booming Gulf city state of Dubai has passed a law to legitimise property ownership by foreigners, who previously bought indirectly through contracts with developers, the press said on Thursday.

“Foreigners can become freehold property owners in areas designated by the ruler,” said the text of the law, reprinted in several newspapers.

“They can also derive benefit from their property or rent it out for a period not exceeding 99 years.”

Foreigners make up more than 80 per cent of Dubai’s estimated 1.2 million population.

Until now, property ownership was limited to residents of the United Arab Emirates (UAE) and other nationals of the Gulf Cooperation Council, which also includes Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.

Previously foreigners who bought property in Dubai’s bustling real estate market received a deed from the major developing companies. These are effectively owned and controlled by Dubai’s government and its ruler, Sheikh Mohammed bin Rashid al-Maktoum, and his family.—AFP