DLD, ADGM in deal to promote Dubai real estate

The Dubai Land Department (DLD) has signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM).

The MoU was signed by Sultan Butti bin Mejren, director-general of DLD, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority.

The MoU highlights the DLD's interest to establish cooperative relations with the Financial Free Zone Authority by enabling international companies registered in ADGM to own properties in Dubai's freehold areas within DLD's framework, legal controls and registration procedures.

Bin Mejren said: "We welcome our partnership with ADGM as the strengthening of co-operation between Dubai and other emirates helps us achieve the vision and strategy of Dubai and consolidates our vision to position the emirate as the world's premier real estate destination."

Bin Mejren affirmed that the new MoU helps to promote Dubai's real estate sector, providing opportunities for institutions outside Dubai to enter into partnerships.

- business@khaleejtimes.com