Law No. 7 of 2006 Concerning Real Property Registration in the Emirate of Dubai (“Law No. 7”) regulates foreign ownership in Dubai. Article 4 of Law No. 7 provides that foreign persons may, subject to the approval of the Ruler, be granted the following rights in certain areas:

• The right to acquire freehold ownership of real property without restrictions as to time; and

• The right to acquire a usufruct or leasehold right over real property for a period not exceeding 99 years.

The word “Person” is defined in Law No. 7 as a “natural or legal person”. Since offshore companies are legal persons, from a strict legal point of view no restrictions on offshore companies owning real property in Dubai exist pursuant to Law No. 7.