Strengthening UAE Real Estate: Dubai Land Department Partners with ADGM
Major Milestone in Real Estate Collaboration
In a significant move to bolster the UAE’s real estate sector, the Dubai Land Department (DLD) has entered into a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM). This agreement aims to foster greater collaboration between these key entities, enabling international companies registered in ADGM to own properties in Dubai’s freehold areas, all within the established legal framework and registration procedures of the DLD.
Official Signing Ceremony
The MoU was formally signed by Sultan Butti bin Mejren, Director-General of DLD, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority. This partnership marks a pivotal step towards enhancing cooperative relations between Dubai and the financial free zone in Abu Dhabi.
Vision and Strategy for Dubai's Real Estate
Sultan Butti bin Mejren expressed his enthusiasm for the partnership, stating:
“We welcome our collaboration with ADGM, as strengthening cooperation between Dubai and other emirates helps us achieve the vision and strategy of Dubai. This initiative aligns perfectly with our goal of positioning the emirate as the world’s premier real estate destination.”
Promoting New Opportunities
Bin Mejren further emphasized that the MoU is a strategic move to promote Dubai’s real estate sector, opening up new opportunities for institutions outside the emirate to engage in partnerships and investments. This collaboration not only reinforces Dubai’s commitment to creating a conducive environment for international business but also underscores the emirate’s ambition to lead in the global real estate market.
A New Era of Growth and Cooperation
The MoU is a testament to the dynamic and forward-thinking approach of both the DLD and ADGM, setting the stage for a new era of growth and cooperation in the UAE’s property landscape.
Conclusion
The signing of the MoU between the Dubai Land Department and the Registration Authority of Abu Dhabi Global Market marks a significant milestone in the UAE’s real estate sector. By enabling international companies registered in ADGM to own properties in Dubai’s freehold areas, this partnership opens up new avenues for investment and cooperation. Sultan Butti bin Mejren’s emphasis on this collaboration highlights its importance in achieving Dubai’s vision of becoming the world’s premier real estate destination. As the UAE continues to position itself as a global leader in real estate, this MoU sets the stage for enhanced growth, innovation, and international collaboration in the property market.