ADGM signs agreement enabling real estate title registration by ADGM entities

ADGM signs agreement enabling real estate title registration by ADGM entities

By Staff Report

Published: Sun 22 Sep 2019, 6:26 PM

Last updated: Sun 22 Sep 2019, 8:30 PM

The Registration Authority (RA) 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 the emirate of Abu Dhabi.
This will enhance the position of the UAE and Abu Dhabi in relation to its role as an advanced economic centre. Through the agreement, RA and DPM 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 Abu Dhabi (whether inside or outside Abu Dhabi's designated investment zones), in compliance with applicable Abu Dhabi real property laws and DPM 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.
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.
Saif Bader Al Qubaisi said: "The signing of the cooperation agreement with the Abu Dhabi Global Market will enhance the procedures supporting the real-estate trading processes. This step will contribute to pushing the property registration processes forward, all of which stems from Abu Dhabi Global Market's economic standing and global reliability. The Abu Dhabi City Municipality and the laws of the real estate market, including Law No. 3 of 2015 on the regulation of the real estate sector in Abu Dhabi, are working towards creating a flexible investment and trade environment while properly responding to the requirements of investors and owners in accordance to the highest levels of security and transparency. In addition, the municipality has established a modern approach that specializes in protecting the rights of all parties."
- business@khaleejtimes.com




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