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United Arab Emirates : ADGM and Umm Al Quwain Municipality Department sign agreement

Publish Date : 02-Dec-2019

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) and the Municipality Department of Umm Al Quwain (MDUAQ) have signed a cooperation agreement that aims to foster collaboration between both Emirates and drive economic growth in the UAE. The agreement was signed by His Excellency Obaid Sultan Twairesh, Acting Municipal Manager of the Municipality Department of Umm Al Quwain and Mr. Obaid Musallem Al Ameri, Executive Director of Corporate Relations at ADGMs RA.

Through this agreement, RA and MDUAQ will facilitate the registration of title to real estate by qualifying ADGM entities, including, but not limited to, special purpose vehicles, ADGM foundations and real estate investment funds established in ADGM. Such entities may now acquire title to real estate in the Emirate of Umm Al Quwain in compliance with applicable Umm Al Quwain real property laws and Municipality Department rules and procedures. To ensure adherence to the terms of the agreement, share transfers of qualifying ADGM entities will be monitored, with share transfer transactions being subject to the RAs production of non-objection and incumbency certificates. Highlighted in the agreement as well, is both parties commitment to ensuring institutional integration and the consequential enhancement of the UAEs stature, and in particular, Abu Dhabi and Umm Al Quwains positions as economic destinations.

Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM, said: At ADGM, we are always looking for ways to help our partners thrive and grow while supporting the economic vision of the UAE leaders. To this end, ADGM has been working closely with government entities across the UAE to strengthen the spirit of collaboration and endorse a business-friendly environment for our entities. This agreement will catalyse an efficient approach to accessing various jurisdictions within the UAE for our registered entities. The agreement will also augment Umm Al Quwains real estate sector and ultimately stimulate the UAEs economic repute.

H.E. Obaid Sultan Twairesh, Acting Municipal Manager of the Municipality Department of Umm Al Quwain, said: We are pleased to enter into this partnership with Abu Dhabi Global Market as it furthers our vision for Umm Al Quwains financial and real estate sectors and facilitates business operations within our vicinity. This agreement serves as a strategic opportunity for the progression of the UAEs economy and will set forth a consequential string of business prospects.

As a leading international financial centre, ADGM is a key pillar of the UAEs economic growth and diversification plans and Abu Dhabis commitment to increasing the countrys non-oil economic contribution. As such, ADGM has recently signed similar agreements with public entities to advance inter-Emirate collaboration, including an MoU with the Dubai Land Department and an agreement with Ajmans Department of Land and Real Estate Regulation allowing eligible ADGM registered entities to own property in Dubai and Ajman.

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