The Registration Authority of Abu Dhabi Global Market (ADGM) has signed a cooperation agreement with the Department of Land and Real Estate Regulation in Ajman (ARRA) to foster new business opportunities and strengthen closer economic integration between the two emirates. As per the deal, companies registered in ADGM will be able to own property in freehold areas within ARRA's legal framework and jurisdiction. Also, firms and entities registered and licensed in ADGM, including but not limited to special purpose vehicles (SPV), ADGM Foundation and Real Estate Investment Trusts established in ADGM, will be able to own lands/properties in Ajman after obtaining the no objection certificate (NOC) from the ADGM registration authority. Ownership of Ajman lands and properties by ADGM registered companies and entities will be in line with the Ajman laws and regulations. “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,” remarked Abdulaziz bin Nasser Al Nuaimi, the director general of ARRA after signing the deal with Dhaher bin Dhaher Al Mheiri, the chief executive of the ADGM Registration Authority. This includes partnerships with entities such as ADGM, which provides a great opportunity to foster cooperation, and assists in the integration between the two markets, he stated. Al Mheiri said: “The seven emirates of the UAE have always maintained a robust co-operation in every aspects. 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.” “As a leading international financial centre in the UAE, ADGM provides an attractive pro-business legislative platform and efficient business environment to support the real estate development and investments in Ajman and across the wider Mena region,” he noted. Al Mheiri pointed out that it had recently signed an MoU with Dubai Land Department (DLD) to enable international companies registered in ADGM to own properties in Dubai under the department's framework, legal controls and registration procedures. “ADGM is continuously orking to further expand its cooperation efforts with all Emirates as part of its strategy to increase the ease of conducting business for investors,” said the senior official. “ADGM is constantly on the lookout to create a more inclusive work environment in cooperation with public and private entities. The signing of the agreement looks to build trust with investors as ADGM works towards its goal of promoting Abu Dhabi as a destination of choice for both start-ups and large corporations, he added. Source: Trade Arabia
