Dubai Land Department has signed an MoU with Masdar City, aiming to enable companies and establishments operating in the free zones under the mega Abu Dhabi development to own land plots and properties under the freehold ownership system in Dubai, within a clear and comprehensive regulatory framework.
This comes as part of Dubai Land Department’s efforts to enhance the competitiveness of the emirate’s real estate market and expand the investor base by creating new opportunities for free zone companies, in line with the objectives of the Dubai Real Estate Strategy 2033.
The deal was signed by Majid Al Marri, CEO of the Real Estate Registration Sector at DLD, and Ahmed Baghoum, Chief Executive Officer of Masdar City, during an official ceremony held in Dubai, in the presence of several directors from both sides.
Al Marri said: "We continue to expand access to Dubai’s freehold market through collaborative models that enhance the integration of the real estate ecosystem across the UAE. Enabling companies registered in free zones to own property in the emirate aligns with our vision of building a more open investment environment that offers diverse ownership options."
"We consider this a strategic step that adds significant value to the objectives of the Dubai Economic Agenda D33 by diversifying the investor base and stimulating new investment flows that contribute to market growth and sustainability, all in line with our leadership’s vision of making Dubai the best city in the world to live and work," he stated.
Under this MoU, both parties will collaborate on developing an integrated framework that includes clear eligibility criteria for establishments, along with the legal and administrative procedures required to complete the registration process.
The co-operation will also ensure direct co-ordination between the Dubai Land Department and the Free Zone Authority to simplify and expedite procedures, enable smooth data exchange, and implement an advanced digital system for online applications, request tracking, and document verification - enhancing accuracy and transparency.
Additionally, the partnership will provide guidance and support to companies, enabling them to understand the legal and procedural requirements better and ultimately fostering an environment that encourages ownership and investment.
Baghoum said: "This initiative highlights Masdar City’s commitment to supporting businesses with innovative solutions that address their needs. By simplifying property registration processes for companies operating within Masdar City’s Free Zones, we are enabling them to expand their operations seamlessly while contributing to the UAE’s long-term growth."
"This partnership highlights our shared vision with DLD to create a business-friendly environment and reinforces Masdar City’s position as a global hub for innovation and investment," he added.-TradeArabia News Service
