ADGM, DPM Sign Agreement Enabling Real Estate Title Registration By ADGM Entities

ADGM, DPM sign agreement enabling real estate title registration by ADGM entities

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 22nd Sep, 2019) The Registration Authority of the Abu Dhabi Global Market, ADGM, and the Department of Urban Planning and Municipalities of Abu Dhabi, DPM, have announced the execution of an agreement addressing real estate registration processes in Abu Dhabi.

As part of the agreement, the two sides will facilitate the registration of title to real estate by qualifying ADGM entities, according to a press release issued by Abu Dhabi Global Market on Sunday.

These will include, but not be limited to, special purpose vehicles, ADGM foundations and real estate investment funds established in the ADGM.

Such entities may now acquire title to real estate in Abu Dhabi, whether inside or outside Abu Dhabi’s designated investment zones, in compliance with applicable Abu Dhabi real property laws and the DPM's rules and procedures. To ensure the terms of the agreement are adhered to, 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.

The agreement was executed by Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority, and Saif Bader Al Qubaisi, Director-General of the Municipality of Abu Dhabi.

Commenting on the agreement, Al Qubaisi said, "The signing of the cooperation agreement with the ADGM will enhance the procedures supporting real estate trading processes.

This step will contribute to pushing the property registration processes forward. All of this stems from the ADGM's economic standing and global reliability."

"The Abu Dhabi City Municipality and the laws of the real estate market, including Law No. 03 of 2015 on the regulation of the real estate sector in Abu Dhabi, are working towards creating a flexible investment and trade environment, while responding to the requirements of investors and owners, in accordance with the highest levels of security and transparency. In addition, the municipality has established a modern approach that specialises in protecting the rights of all parties, especially in the field of trading, buying, selling, and registering real estate, and the marketing of real estate projects in accordance with the laws and regulations," he added.

Al Mheiri, in turn, said, "As a leading international financial centre and ecosystem enabler, the ADGM continually works towards facilitating smooth and expedited transactions. This partnership will help entities based in the ADGM to own land or property in the capital that is located outside the ADGM’s geographical area."

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