Media ININ Economy We Trust
Media IN ABU DHABI, 3rd July, 2019 (WAM)
The Registration Authority of Abu Dhabi Global Market (ADGM) on Wednesday announced it has signed a cooperation agreement with the Department of Land and Real Estate Regulation in Ajman (ARRA). Upon the agreement, both parties will adopt new business opportunities to boost economic integration between Abu Dhabi and Ajman, according to a press release.
Additionally, this agreement will also enable companies registered in ADGM to own property in freehold areas within ARRA’s legal framework and jurisdiction. The agreement was signed between director general of ARRA Abdulaziz bin Nasser Al Nuaimi, and CEO of ADGM Dhaher bin Dhaher Al Mheiri.
Abdulaziz bin Nasser 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.”
Dhaher bin Dhaher Al Mheiri said: “The seven Emirates of the UAE have always maintained robust cooperation in every aspect. 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.” .
Furthermore, ADGM revealed it signed a memorandum of understanding (MoU) with Dubai Land Department (DLD) to allow international companies registered in the authority to own properties in Dubai under DLD’s framework, legal controls, and registration procedures. Under this agreement, registered and licensed firms and entities in ADGM will be able to own lands or properties in Ajman after getting the No Objection Certificate from the ADGM Registration Authority in line with the Ajman laws and regulations.
These entities include but not limited to Special Purpose Vehicles (SPV), ADGM Foundation and Real Estate Investment Trusts established in ADGM. ADGM promotes Abu Dhabi as an investments destination of choice for both startups and large corporations and is constantly working to further expand across all emirates
