Dubai's Land Department and Ajman Free Zones Authority Collaborate to Streamline Real Estate Possession for Business Entities
In a significant move to strengthen the UAE's position as a global hub for business and investment, the Dubai Land Department (DLD) and the Ajman Free Zones Authority (AFZA) have signed a Memorandum of Cooperation (MoC). This strategic agreement is designed to elevate the competitive edge of Dubai and Ajman in the real estate market, contributing to the UAE's broader strategy to enhance its status as a global hub for business and investment.
The MoC aims to simplify the process for AFZA-registered companies to secure freehold ownership of land and property in Dubai. This initiative is part of Dubai Land Department's broader strategy to enhance the emirate's real estate market competitiveness and expand investment opportunities for free zone companies, aligning with Dubai's Real Estate Strategy 2033 and the Dubai Economic Agenda D33.
Under the MoC, AFZA-registered companies will be able to access and own properties in Dubai's freehold market, thereby diversifying their investment options and encouraging new investment flows that support market growth and sustainability. The agreement establishes a clear legal and regulatory framework, providing transparent guidelines for registration and property transactions.
The MoC also entails simplifying and clarifying ownership rights for free zone-registered companies, creating a legal and regulatory framework tailored to cross-emirate free zone companies. This cooperation enhances the integration of the real estate ecosystem across the UAE and supports Dubai's vision to be a top global city for living and working.
This is not the first partnership of its kind for the DLD. Similar property ownership privileges have been established with other free zones like Masdar City. The initiative is expected to foster growth and increase foreign investment, improving overall market transparency and contributing to the UAE's efforts to advance its economy and attract foreign investment.
The MoC was signed by Marwan bin Ghalita, Director-General of DLD, and Ismail Al Naqi, Director-General of AFZA. Both officials expressed agreement with the sentiment that the MoC aligns with the UAE's strategic goals of economic advancement and attracting foreign investment. They also echoed that the agreement underscores the UAE's commitment to its role as a global hub for business and investment, further strengthening the UAE's position as a leading global hub for business and investment.
In conclusion, the MoC between DLD and AFZA is a significant step towards enhancing the UAE's real estate market competitiveness, attracting foreign investment, and supporting economic growth. The initiative is expected to have a positive impact on the market, encouraging new investment flows and fostering growth in the UAE's real estate sector.
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