|22 September, 2019

UAE’s ADGM, DPM pen deal to enhance property registration process

ADGM entities will be able to own property outside ADGM’s area

Image used for illustrative purpose. Incredible panorama of Dubai Marina during the day.

Image used for illustrative purpose. Incredible panorama of Dubai Marina during the day.

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Abu Dhabi – Mubasher: The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) and the Department of Urban Planning and Municipalities of Abu Dhabi (DPM) signed an agreement to push the property registration processes in the UAE's capital forward.

RA and DPM will streamline processes of property title registration by qualifying ADGM entities, such as ADGM foundations, real estate investment funds founded in ADGM, and special purpose vehicles, according to a statement on Sunday.

Under the deal, ADGM entities will be able to acquire title to property inside or outside the designated investment zones in Abu Dhabi.

In addition, share transfers of qualifying entities based in ADGM will be contingent on the non-objection and incumbency certificates issued by the RA.

“The signing of the cooperation agreement with the Abu Dhabi Global Market will enhance the procedures supporting the real-estate trading processes,” director general of the Municipality of Abu Dhabi, Saif Bader Al Qubaisi, said.

For his part, CEO of the RA, Dhaher bin Dhaher Al Mheiri, noted that “this partnership will help entities based in ADGM to own land or property in the capital that is located outside ADGM’s geographical area.”

This step complies with the recent amendments made to the property and real estate law, enabling foreigners to own property or land inside the investment areas of Abu Dhabi.

Source: Mubasher

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