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Dubai Land Department signs MoU with ADGM Registration Authority to bolster Dubai's real estate sectorADGM RA 07/11/2018
Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi. The MoU was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority.
The MoU highlights DLD's interest to establish cooperative relations with the Financial Free Zone Authority by enabling international companies registered in ADGM to own properties in Dubai's areas within DLD's framework, legal controls, and registration procedures.
Bin Mejren commented: "We welcome our partnership with ADGM as the strengthening of cooperation and coordination between Dubai and other Emirates helps us achieve the vision and strategy of Dubai, and consolidates our vision to position the Emirate as the world’s premier real estate destination, and a byword for innovation, trust, and happiness."
Bin Mejren affirmed that the new MoU helps promote Dubai’s real estate sector, providing additional opportunities for institutions outside Dubai to enter into partnerships, paving the way for them to own properties in the Emirate.
Dhaher bin Dhaher Al Mheiri said: "The UAE has developed an unparalleled real estate sector and continues to bring forth new initiatives such as this to bolster the ease of doing business for investors. The strategic cooperation between ADGM and the DLD will streamline regulations and policies to enhance accessibility into the real estate market. The MoU serves to augment the sustainable growth of the sector and contribute towards the UAE's development as one of the world's leading real estate investment destinations."
The MoU will contribute to the expansion of partnerships for DLD. Having been previously limited to free zones in Dubai, it now gains access to the financial free zone in Abu Dhabi, improving the outstanding performance of the government, raising the level of competitiveness of the Emirate, and providing facilitated and transparent services for all investors.
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 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 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 two 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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