Abu Dhabi, UAE, 30 September 2015: Abu Dhabi Global Market (“ADGM”), the international financial centre in Abu Dhabi, and the Department of Municipal Affairs (“DMA”) today signed a Memorandum of Understanding (“MOU”) that will see the two entities cooperate and share information on a range of municipal matters including real estate registration; land ownership; public health and safety for institutions, hotels and restaurants; and building and construction rules.
Dhaher Bin Dhaher Almheiri, CEO of ADGM Registration Authority, said: “This MOU with the Department of Municipal Affairs which focuses in particular on real estate and property matters is another key step towards ADGM having the infrastructure and operations in place to be fully open for business later this year. We are currently in active discussions with a number of other authorities and remain committed to engaging and collaborating with stakeholders in the UAE. These agreements are an important part of us providing an efficient operating environment for the institutions, organisations and companies that will be based in ADGM.”
Following the signing of this MOU, ADGM and DMA will also share knowledge, experience and expertise in areas related to sustainable municipal systems in order to improve the effectiveness of the two entities.
Commenting on behalf of DMA,HE Khalifa Mohammed Al Mazroui, Undersecretary of the Department of Municipal Affairs, said: “The Memorandum of Understanding signed with Abu Dhabi Global Market aims at making concerted efforts towards improving the services offered to customers, and empowering the local investment environment by all ingredients of success and sustainability spanning economic, environmental and social aspects.
Under the context of this cooperation, the Municipal System will provide every support to the Abu Dhabi Global Market in the fields of building & land permits, and property registration & deals such as splitting, selling or buying, in addition to all other rights in rem and personal related to properties. It will also boost the joint cooperation in implementing the systems & procedures related to the health, safety and environment within the business sector; which will cement the pillars of sustained development of the sector, besides improving the quality of services delivered to investment companies operating in Abu Dhabi Global Market.”
He added: “The MoU serves the public interest and supports the efforts aimed realizing the overall development objectives charted by our prudent government such as enhancing the investment environment, supporting the local economy, achieving sustainable development, and improving the quality of living in the Emirate towards rendering it one of the best places for living, doing business or visiting worldwide.”