The Registration Authority (RA) of the Abu Dhabi Global Market (ADGM) and the Department of Urban Planning and Municipalities of Abu Dhabi (DPM) pens agreement to execute the real estate registration processes in the emirate of Abu Dhabi.
According to a statement on Sunday, RA and DPM will create processes of property title registration by qualifying ADGM entities, such as ADGM foundations, real estate investment funds founded in ADGM, and special purpose vehicles.
Under the agreement, ADGM entities will be able to acquire title to property inside or outside the designated investment zones in Abu Dhabi.
In addition, share transfers of qualifying entities based in ADGM will be contingent on the non-objection and incumbency certificates issued by the RA.
The CEO of the RA, Dhaher bin Dhaher Al Mheiri, stated that “this partnership will help entities based in ADGM to own land or property in the capital that is located outside ADGM’s geographical area.”
This initiative complies with the recent changes made to the property and real estate law, enabling foreigners to own property or land inside the investment areas of Abu Dhabi.