A new property law in the United Arab Emirates allows foreigners to own real estate in the small Middle Eastern country on the Arabian Gulf.The law, which legalizes freehold ownership of land and property in the UAE, permits even expatriates the same rights as UAE and Gulf Cooperation Council citizens. Hashem Al Dabbal, chief executive of Dubai Properties, hailed the change at MIPIM in Cannes, France, saying it will have an immediate impact by attracting a new set of international investors into the city-state, "We see the new law as further support to the growing confidence in Dubai's market, and solidifies its position as a viable investment opportunity." The law "opens so many doors to so many" who have been eyeing Dubai's fabulous real estate from afar, he said. "Now there is clarity in terms of the legal framework of freehold ownership for foreigners."
