UAE: Dubai Land Department Allows ADGM-Registered Entities to Buy Properties in Dubai
The Dubai Land Department (DLD) and Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to allow ADGM-registered entities to own properties in Dubai.
This move will strengthen the Dubai real estate market as it broadens the base of potential investors. It also increases ADGM’s attractiveness as a free zone.
Land and property ownership in Dubai is still subject to the local laws, meaning that non-GCC national investors can invest in Dubai property only in designated areas. DLD has previously signed similar agreements with free zones in Dubai. However, the MoU expands the range of options that both local and international investors can use to own Dubai property and allows them to use an ADGM vehicle (such as a real estate company, an investment company, a holding company, or a foundation) to do so.
ADGM is an international financial free zone based in Abu Dhabi, UAE. Its goal is to develop and cement Abu Dhabi’s position as a global hub for business and finance.
Among its advantages:
- It allows for 100% foreign ownership.
- It offers competitive services and is cost-efficient.
- The regulatory authorities are responsive to company needs and are adaptive to new developments around the world. It runs on an international regulatory framework based on Common Law. It has an independent court body.
- Since its establishment in October 2015, ADGM received the “Financial Centre of the Year (MENA)” award for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.
- ADGM is a member of the World Alliance of International Financial Centres (WAIFC), a network of international financial centres committed to sharing best practices and providing investment infrastructure to local economies.
- It has an independent court body.
- ADGM has a state-of-the-art arbitration hearing facility.