ADGM partners with Ajman Department of Land and Real Estate Regulation to enhance economic integration between Abu Dhabi and AjmanADGM RA 03/07/2019
3 July 2019, Abu Dhabi - UAE:The Registration Authority of Abu Dhabi Global Market (ADGM), has signed a cooperation agreement with the Department of Land and Real Estate Regulation in Ajman (ARRA) to foster new business opportunities and strengthen closer economic integration between the two Emirates.
Through the agreement, companies registered in ADGM will be able to own property in freehold areas within ARRA’s legal framework and jurisdiction. The agreement was signed between His Excellency Abdulaziz bin Nasser Al Nuaimi, Director General of Ajman’s Department of Land and Real Estate and Mr. Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority.
H.E. Abdulaziz bin Nasser Al Nuaimi, Director General of Ajman’s Department of Land and Real Estate, said: “Our efforts to facilitate business operations for customers and real-estate owners are in line with the efforts of the UAE’s wise leadership. We are continuously working with stakeholders across the UAE to promote economic development through various initiatives. This includes partnerships with entities such as ADGM, which provides a great opportunity to foster cooperation, and assists in the integration between the two markets.”
Dhaher bin Dhaher Al Mheiri said: “The seven Emirates of the UAE have always maintained a robust cooperation in every aspects. ADGM looks forward to working closely with the ARRA to support and enable businesses and entities in our two markets to expand and grow across the UAE. As a leading international financial centre in the UAE, ADGM provides an attractive pro-business legislative platform and efficient business environment to support the real estate development and investments in Ajman and across the wider MENA region.
We have recently signed an MoU with Dubai Land Department (DLD) to enable international companies registered in ADGM to own properties in Dubai under DLD's framework, legal controls and registration procedures. ADGM is continuously working to further expand its cooperation efforts with all Emirates as part of its strategy to increase the ease of conducting business for investors.”
Under the agreement, firms and entities registered and licensed in ADGM, including but not limited to Special Purpose Vehicles (SPV), ADGM Foundation and Real Estate Investment Trusts established in ADGM, will be able to own lands/properties in Ajman after obtaining the No Objection Certificate from the ADGM Registration Authority. Ownership of Ajman lands and properties by ADGM registered companies and entities will be in line with the Ajman laws and regulations.
ADGM is constantly on the lookout to create a more inclusive work environment in cooperation with public and private entities. The signing of the agreement looks to build trust with investors as ADGM works towards its goal of promoting Abu Dhabi as a destination of choice for both start-ups and large corporations.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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