Rak Ruler issues law on economic companies

RAS AL KHAIMAH — His Highness Shaikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued Law No 7 for the year 2016 on the control and protection of economic establishments.

Article 2 includes the objectives of the law that provide a stimulating environment for economic facilities in order to enhance efficiency and competitiveness, consumer interest and achieve sustainable development. It promotes investor and consumer rights and emphasisess the commitment to practising fair trade in the emirate and providing an appropriate climate for the establishment of businesses.

It also calls for eliminating negative phenomena in economic practices in the emirate. Article 2 of the law obliges persons and economic facilities to observe the provisions of all applicable laws in the emirate while undertaking any economic activity.

The provisions of this law are applicable to all facilities within the jurisdiction of the Department of Economic Development in Ras Al Khaimah in connection with economic activities.

The chairman of the Executive Council will issue the executive regulations of this law.

The law annuls Law No 1 of 2007 on the control of commercial establishments in the emirate. It also annuls any provision inconsistent with the provisions of this law. All regulations, decisions and systems applicable to the competent authority shall remain in force until the issuance of the executive regulations of this law.

This law becomes effective from the date of issuance and shall be published in the Official Gazette.