ABU DHABI, (Pakistan Point News - 03rd Jul, 2019) The Registration Authority of the Abu Dhabi Global Market, ADGM, signed a cooperation agreement with the Department of Land and Real Estate Regulation in Ajman, ARRA, to foster new business opportunities and strengthen economic integration between the two emirates.
Through the agreement, companies registered in the ADGM will be able to own property in freehold areas within the ARRA’s legal framework and jurisdiction. The agreement was signed between Abdulaziz bin Nasser Al Nuaimi, Director-General of Ajman’s Department of Land and Real Estate, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority.
Al Nuaimi 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 the ADGM, which provide a great opportunity to foster cooperation, and assist in the integration between the two markets."
Al Mheiri said, "The seven emirates of the UAE have always maintained robust cooperation in every aspect. The 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."
"We recently signed an MoU with the Dubai Land Department, DLD, to enable international companies registered in the ADGM to own properties in Dubai under the DLD's framework, legal controls and registration procedures," he added.
Under the agreement, firms and entities registered and licenced in the ADGM, including but not limited to Special Purpose Vehicles, the ADGM Foundation and Real Estate Investment Trusts established in the ADGM, will be able to own lands/properties in Ajman after obtaining the No Objection Certificate from the ADGM Registration Authority. The ownership of Ajman lands and properties by ADGM-registered companies and entities will be in line with Ajman's laws and regulations.
The ADGM is constantly on the lookout to create a more inclusive work environment in cooperation with public and private entities
