Abu Dhabi, UAE: The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) and the Municipality Department of Umm AlQuwain (MDUAQ) have signed a cooperation agreement that aims to foster collaboration between both Emirates and drive economic growth in the UAE.
The agreement was signed by His Excellency Obaid Sultan Twairesh, Acting Municipal Manager of the Municipality Department of Umm AlQuwain and Mr. Obaid Musallem Al Ameri, Executive Director of Corporate Relations at ADGM’s RA.
Through this agreement, RA and MDUAQ will facilitate the registration of title to real estate by qualifying ADGM entities, including, but not limited to, special purpose vehicles, ADGM foundations and real estate investment funds established in ADGM. Such entities may now acquire title to real estate in the Emirate of Umm Al Quwain in compliance with applicable Umm Al Quwain real property laws and Municipality Department rules and procedures. To ensure adherence to the terms of the agreement, share transfers of qualifying ADGM entities will be monitored, with share transfer transactions being subject to the RA’s production of non-objection and incumbency certificates.
Highlighted in the agreement as well, is both parties’ commitment to ensuring institutional integration and the consequential enhancement of the UAE’s stature, and in particular, Abu Dhabi and Umm AlQuwain’s positions as economic destinations.
Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM, said: “At ADGM, we are always looking for ways to help our partners thrive and grow while supporting the economic vision of the UAE leaders. To this end, ADGM has been working closely with government entities across the UAE to strengthen the spirit of collaboration and endorse a business-friendly environment for our entities. This agreement will catalyse an efficient approach to accessing various jurisdictions within the UAE for our registered entities. The agreement will also augment Umm AlQuwain’s real estate sector and ultimately stimulate the UAE’s economic repute.”
H.E. Obaid Sultan Twairesh, Acting Municipal Manager of the Municipality Department of Umm AlQuwain, said: “We are pleased to enter into this partnership with Abu Dhabi Global Market as it furthers our vision for Umm AlQuwain’s financial and real estate sectors and facilitates business operations within our vicinity. This agreement serves as a strategic opportunity for the progression of the UAE’s economy and will set forth a consequential string of business prospects.”
As a leading international financial centre, ADGM is a key pillar of the UAE’s economic growth and diversification plans and Abu Dhabi’s commitment to increasing the country’s non-oil economic contribution. As such, ADGM has recently signed similar agreements with public entities to advance inter-Emirate collaboration, including an MoU with the Dubai Land Department and an agreement with Ajman’s Department of Land and Real Estate Regulation allowing eligible ADGM registered entities to own property in Dubai and Ajman.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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© Press Release 2019