Abu Dhabi, 12 December 2011: In implementation of the Decision of His Highness the Crown Prince of Abu Dhabi No. 64/2010, regarding the Real Property provisions, a Musataha Right Agreement was registered yesterday at the Municipality of Abu Dhabi City between Abu Dhabi Ports Company, and Emirates Aluminum "EMAL" which gives Abu Dhabi Ports the right to manage, develop and operate two land plots spanning a total area of 22 million square feet at the Khalifa Industrial City, off Abu Dhabi Island.
The Agreement was signed by Saeed Fadel Al Mazroui, Chairman of Emirates Aluminum; and Anthony John Douglas, CEO of Abu Dhabi Ports Company, in the presence of Ali Talib Al Attas, Head of Property Registration Section at the Municipality of Abu Dhabi City. Pursuant to the decision of His Highness the Crown Prince of Abu Dhabi No. 64/2010, the Municipal Registrar should register the natural and legal persons in the real estate register as apartments and floors owners, excluding the land in the investment areas. The Decision also provides for issuing certificates or title deeds to those legal persons immediately upon submitting documents and official papers prescribed in regulations or decisions issued by the Head of the Department. In this capacity, they shall have the full freedom of disposing their own properties, provided that such disposal will not cause serious harm to others, or is not contrary to the law, this Decision, Executive Decisions issued by the Head of the Department, purchase contract registered with the Registrar, or the terms provided for in the code of the building or complex where the apartments or floors are located. Under this Decision, the Municipality is obliged to register all sorts of disposals carried on the property or in respect of any of the property rights, such as the right in rem, Musataha right, usufruct right, and long-term rent right inside and outside the investment areas, in the property register including mortgage contracts pertinent to properties, any property rights or direct contracts concluded with banks and projects funders. It is worth mentioning that the Municipality of Abu Dhabi City is currently working on the registration of Musataha contracts with other developers in investment areas within Abu Dhabi city in order to provide them with all administrative and technical support required for delivering a customer service experience that meets their satisfaction and expectations.Copyright Emirates News Agency (WAM) 2011.
