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AmiriDecreeNumber11,2008

RegardingAjmanEstablishmentfororganizingRealestate
We, Humid Bin Rashid AlNuaimi, UAE Supreme Council Member and Ruler of Ajman
Emirate;AfterbeingacquaintedwiththeUAEConstitution;theFederalLawNo(5);theAmiri
decree No (5), 2002 concerning the General Establishment for realestate Investment
amended by the Amiri decree No (11), 2005 ; the Amiri decree No.(5),2006 in relation to
reorganizing Ajman Department of Lands and Properties; the Amiri decree No(13), 2006
regardingthearrangementofrealestatebureausinAjman;theAmiridecreeNo.(14),2006
inrelationtoreorganizingAjmanMunicipalityandPlanningDepartment;theAmiridecree(
7), 2008 issued in relation to registering lands and real estates in Ajman and the Amiri
decreeNo(8),2008inrelationtoorganizingthejointownershipofrealestate'sprojectsand
investmentbuildings.

And in accordance with the recommendation of the Chairman of Ajman Executive Council
and after consultation with the Chairman of Ajman Municipality and Planning Department
and with the Chairman of Ajman Department of Lands and Properties, we issued the
followingAmiriDecree:

Article(1)

1. NameoftheDecreeanditsImplementation

The name of this Amiri Decree is ' Amiri Decree Number 11, 2008 regarding Ajman
EstablishmentfororganizingRealestate,'andiseffectivefromthedateofsignature.

Article(2)

2. DefinitionsandClarifications

InimplementingthearticlesofthisDecree,thefollowingdescriptionswrittennexttoeach
wordandphraseareapprovedunlessotherwisementionedinthetext:

'TheState'

:UAE
'TheEmirate'
:AjmanEmirate
'TheEstablishment' : Ajman Realestate Regularity Agency founded by Article No 3 of
thisdecree
'BoardofDirectors'
:TheEstablishments'BoardofDirectors
'ViceChairman'
:ViceChairmanoftheEstablishment
'BankAccount'
: The Bank account of the specified real estate project opened by
the developer in one the banks approved by the Establishment to
deposit the sums of money paid by those who buy real estate and
themoneygivenfinanciers.Thesesumsofmoneywillbespenton
building and constructing the identified real estate before
depositingtheavailablebalanceinthedeveloper'sbankaccount
'Realestateproject' : Any constructional project composed of lands, investment
buildings or any other individual real estates that have definite
designs(withjointpartsinsidetheprojectallocatedtojointuse)and
are erected in accordance with the Amiri decree No.(8) 2008 with
the purpose of selling its varied real estate units as a whole or in
retail.

'Investmentbuilding' :Anyresidentialorcommercialbuildingcomprisingseparatedflats,
rooms, offices or other commercial places ( with joint parts
allocatedforjointuse)andareerectedinaccordancewiththeAmiri
decreeNo.(8)2008withthepurposeofsellingitsvariedrealestate
units or hiring them to others on the basis of long term
governmentalgroundrentcontracts.Thisisapplicabletoanyother
individual investment building or any piece of land within a real
estateprojectboughtforpurposesofinvestmentbyitsbuyers.
'Real estate developer' : Any person, commercial company or general establishment
authorized to construct a real estate project in Ajman Emirate in
accordancewiththeAmiridecreeNo(8)2008.Thisisapplicableto
any subsidiary developer who entered into contract with the
primary real estate developer and can acted on his behalf for any
partduringtheprocessofdevelopingtherealestateproject.
'Owners'association' :TheassociationcomposedinaccordancewitharticleNo.(19)ofthe
AmiridecreeNo.(8)2008andmayconsistofallownersofthereal
estateunitswithintheidentifiedinvestmentbuildingortheowners
oftheindividualseparatedrealestateinvestmentbuildings.
'Realestateprojectsrecords:Therecordpreparedbytheinstitutiontorecordrealestate
projectsandtheinvestmentbuildingsinaccordancewiththearticle
(10)oftheAmiridecreeNo(8)2008aswellasotherrecordsrelated
tothespecifiedrealestatedevelopersandtherealestateownersof
the specified projects or the specified investing building in
accordancewiththeongoinglocallegislationsintheemirate.
'Realestateadvertisements':Anyadvertisementsrelatedtomarketing,promotions,selling,
buyingorcedinganyrealestateincludedintherealestateproject
orbuildingwhethertheinvestingprojectisrecordedornotinthe
realestateprojectsrecord.

Article(3)

3. SettingUptheEstablishmentanditsLegalEntity

AccordingtothisAmiridecree,wesetupanestablishmentthatislinkedtothegovernment
ofAjmanEmirateandbearsthename'AJMANREALESTATEREGULARITYAGENCY.'Ithasan
independentjuridicalpersonalityinrelationtofinancialandadministrativeissues.Italsohas
alegalcapacitytocarryoutalldeedssoastoaccomplishitsobjectives

Article(4)

4. TheEstablishment'sLocationanditsBranches

The main location of the Establishment is Ajman city and it Board of Directors has the
authoritytofoundbranchesoutsideAjmanEmirate.

Article(5)

5. TheEstablishment'sSpecializationandObjectives

The Establishment aims at organizing real estates activities and its development in Ajman
andsetuppoliciesandlegislationstoauthorizerealestateprojects/investmentbuildings.It

alsooverseestheimplementationofthesepoliciesandotherplansrelatedtothemaswell
asorganizingjointownership.BelowaretheEstablishment'sspecificfieldsofspecializations:

A. Tolaydownthegeneralpoliciesfordevelopingrealestateprojectsandconstructing
theinvestmentbuildingsaswellassuggestinglegislationsthathelptoorganizereal
estate'sbusinessinAjman.
B. To organize the legal relationship between the developers of real estate projects
andthosewhobuyvariedrealestateunitsavailablewithintheseprojectsandother
investmentbuildingsaswellassuggestingwaysforsettlingdisputesthatmayarise
amongthem.
C. To arrange the relationships among those who buy real estate units in relation to
preserving their ownerships and making use of public utilities intended for joint
utilization
D. TosubmitrecommendationstoHisHighnesstheRulerinrelationtopinpointingand
constructinganyrealestateareaorfoundingafreezone.
E. Toconsiderandexamineanyapplicationfortheinitiationofrealestateprojectsand
investmentbuildingsinAjmanandsubmitrecommendationsinthisregard.
F. To authorize real estate developers and supervise their activities in the Emirate in
addition to recording their real estate projects and investment buildings in
accordancewiththeAmiridecreeNo(8)2008.
G. To approve the qualified banking and financial establishments to administer
AccountsaccordingtovalidlegislationinAjman.
H. Tosupervisetheactivitiestheowner'associationaswellasauditingitsrecordsand
settledisputesthatmayariseamongrealestatedevelopersoramongmembersof
theassociation.
I. TomonitoranyrealestateadvertisementsreleasedinvariedmassmediainAjman.
J. toexpresspointofviewandsubmitrecommendationstotheRulerinrelationtoreal
estateprojectswherethegovernmentofAjmanoranyotherlocaldepartmentare
partoftheseprojects
K. To set up promotion policies and strategic plans to attract local and foreign
investmentinthedomainsofdevelopingandaccomplishingrealestate projectsin
theEmirate
L. Togivedirectivesforthepreparationofsurveysandresearchpapersinthedomain
ofrealestateinvestmentinAjmaninordertoformanadequatedatabaseforuseby
thosewhowanttoinvestanddeveloprealestateprojectsionAjman.
M. ToundertakeanyjurisdictionsexercisedbythedepartmentofLandsandProperties
according to the Amiri decree No. (8) 2008 in relation to developing real estate
projectsalongwithinvestmentbuildingsintheEmirateofAjman

Article(6)

6. TheEstablishment'sBoardofDirectors

6.1. TheEstablishmentismanagedbyexperiencedBoardofDirectorscomposedofthe
chairman, Vicechairman and five other members assigned in accordance with an
AmiridecreeissuedbytheRulerofAjmanEmirate.

6.2. TheHeadofAjmanDepartmentofLands&PropertieswillbetheChairmanofthe
BoardofDirectorsandtheChairmanofAjmanMunicipalityandplanningwillactas
aVicechairman

6.3. TheappointedBoardofDirectorswilllastfor3renewableyearsunlesstheRulerof
AjmanEmirateissuesacontrarydecree.

6.4. The said Board of Directors has the authority to resort to other consultants and
experts and offer them financial bonus. The Board can also ask any person to
attend its meetings for purposes of consultation provided that their attendance
doesnotaffectanydecisiontakenbytheBoard.

6.5. The members of the Board have the right to form subsidiary committees to
undertakesomeofitsjurisdictioninaccordancewiththisdecree.

Article(7)

7. BoardofDirectorsMeetings

7.1. The Board of Directors holds a regular meeting once a month. However, the
ChairmanandtheViceChairmanhavetherighttoholdanemergencymeeting.An
emergency meeting may also be held upon an application submitted by at least
threemembersoftheBoard

7.2. Forthemeetingtobeaproperone,atleastfivemembersmustattenditincluding
the Chairman or the ViceChairman. The decisions are taken by majority of the
votes.Whenthereisequalityofvotes,theBoardfavorsthedecisiontakenbythe
memberswheretheHeadofthesessionisoneofthem

7.3. The Board's discussions must be confidential and must not be exposed to public
viewsunlessauthorizedbytheChairmanortheViceChairman

7.4. If a member of the Board fails to attend three successive meetings without an a
sensibleexcuse,theBoardmayconsiderhimresigned

Article(8)
8. TheBoardofDirectors'Secretary

TheChairmanoftheBoardappointsasecretarywhosejobistoarrangethemeetingsofthe
Board according to Article (7.1) of this decree along with recording the minutes and
decisionsoftheBoard.

Article(9)

9. ConflictofInterests

Members of the Board are not permitted to maintain any direct or indirect interests or
involvements in contracts and/or agreements approved by the Establishment unless the
Rulermakesanexception.

Article(10)

10. TheBoard'sJurisdictions

The Board of Directors is the high authority responsible for managing the Establishment's
concernsandhasthenecessaryauthoritiestoaccomplishitsobjectivesinaccordancewith
thisdecree.TheresponsibilitiesoftheBoardofDirectorsare:

A. Settingupthegeneralpoliciestoorganizetheactivitiesofrealestatedevelopments
inAjmanandtheimplementationsofthesepolicies
B. Approvingregulationsforthechargesofrealestatedevelopmentpapers
C. Issuing all the financial and administrative regulations of the Establishment along
withtheHRregulationsinlightofvalidlawsandregulationusedbytheGovernment
ofAjman
D. PreparingannualdraftbudgetoftheEstablishmentanditsannualreportalongwith
thefinancialstatement
E. Appointing executives and take decisions about their promotions, penalizing them
andfiringthemoutaccordingtotheHRregulationsusedbytheEstablishment
F. Approving the organizational structure of the Establishment and identifying the
specializationofitsdepartments
G. ExercisinganyfunctionsentitledbyAmiridecrees

Article(11)

11. RepresentingtheEstablishment

The Chairman of the Establishment is the legal representative of the Establishment.


However,hehastherighttoauthorizeanymemberoftheBoardoroneofitsexecutivesto
representtheEstablishment.

Article(12)

12. TheGeneralDirector

TheEstablishmenthasaGeneralDirectorappointedbyanAmiridecreeandisoverseenby
the Board of Directors' Chairman. He is responsible for handling the Establishment's daily
administrative and financial affairs as well as implementing its policies to accomplish the
statedobjectives.TheGeneralDirectorperformsthefollowingduties:

A. Implementing the Board's of Directors decisions/ directives in addition to running


dailyaffairsoftheEstablishment

B. Suggestingpoliciesthatdeveloptherealestatesectoralongwithdraftingfinancial
andadministrativeregulationstobeapprovedbytheBoardofDirectors

C. PreparingannualdraftbudgetoftheEstablishmentanditsannualreportalongwith
thefinancialstatementtobeapprovedbytheBoardofDirectors

D. Givinginstructionstospendmoneyaccordingtothefundscitedinthebudget

E. Appointing personnel according to the HR regulations implemented by the


Establishment

F. PreparingmonthlyreportscomprisingalltheEstablishment'sactivitiesalongwithits
revenues and expenditures to be forwarded to the Board of Directors in order to
takedecisionsaboutthem

G. Exercising any functions entitled by the Board of Directors, the Chairman of the
Board,theVicechairmanortheGeneralDirector

Article(13)

13. TheEstablishment'sFinances

ThefinancialresourcesoftheEstablishmentinclude:

A. TheannualsubsidyprovidedbytheGovernmentofAjmanwithintheannualbudget
oftheEmirate

B. thechargesandservicesallowancesofferedbytheEstablishmenttodealers

C. ThefinescollectedbytheEstablishmentfromwrongdoersorviolatorsoftheAmiri
decreeNo(8)2008oranyothervalidregulations

D. AnyotherfundsapprovedbytheRulerofAjman

Article(14)

14. TheFinancialYear

TheEstablishment'sfinancialyearstartsfromthebeginningofJanuaryandfinishesbythe
end of December except the first financial year that becomes effective from the date of
implementingthisdecreeandfinishesonthelastdayofDecemberofthecomingyear.

Article(15)

15. TheEstablishment'sAnnualbudget

TheEstablishmenthasabudgetpreparedinaccordancewithvalidpoliciesandregulationsin
AjmanGovernment.TheEstablishment'sexpendituresmustbewithinthecreditsspecified
intheannualgeneralbudgetapprovedbyAjmanGovernment.

Article(16)

16. MakingUseofExternalStaff

TheBoard'sofDirectorsChairmanhastheright,uponconsultationwiththeconcernedlocal
governmentaldepartments,totransferordelegateanyemployeewhohasanexperiencein
the domain of real estate development without affecting his vested rights/interests as a
resultofimplementingthisarticle.

Article(17)

17. ExemptionFromTaxesandCharges

TheEstablishmentisexemptedfromalltaxesandotherlocalcharges.

Article(18)

18. AuditingtheAccounts

The internal auditing management of Ajman Government is responsible for auditing the
Establishment'saccountsandstatements.However,theBoardofDirectorshastheauthority
to appoint an external licensed auditor in order to review and audit the Establishment's
financial statements of. The fees of this external auditor are determined by the Board of
Directors.

Article(19)

19. TheExecutiveBylaws

The Chairman of the Board of Directors may issue executive regulations that help to
implementthisdecreeprovidethattheydonotcontradictwiththearticlesofthisdecree.

Article(20)

20. ImposingChargesandCollectingFines

20.1. The Board's Chairman may, upon approval of the Board of Directors and
consultation with the Ruler of Ajman,issue regulations specifying the amount of
charges collected by the Establishment from time to time in return for the
services,licenses,approvals,certificatesandpermitsofferedbytheEstablishment.

20.2. TheEstablishmentmaycollectfinesfromviolatorsoftheAmiridecreeNo(8)2008
anddepositthesumsofmoneyintheEstablishment'streasury.

Article(21)

21. ReleasingtheDecree

This Decree must be released in the official newspaper of Ajman Emirate and must be
circulatedtoallconcernedauthoritiestoactinaccordanceofitsarticles.

ISSUED IN AJMAN BEARING OUR SIGNATURE AND SEAL ON THE THIRD OF MOHARM 1430
OFTHEHEGIRACORRESPONDINGTO31.12.2008

HUMEIDBINRASHIDALNUAIMI
RULEROFAJMANEMIRATE

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