Partnership formed between Dubai Land Department and Ajman Free Zones Authority to streamline real estate ownership for businesses in the region.
Dubai and Ajman Partner to Boost Foreign Investment in Real Estate
The Dubai Land Department (DLD) and the Ajman Free Zones Authority (AFZA) have joined forces to attract foreign investment in the real estate sector. The Memorandum of Cooperation (MoC) signed by Marwan bin Ghalita, Director-General of DLD, and Ismail Al Naqi, Director-General of AFZA, aims to simplify the process for AFZA-registered companies to secure freehold ownership of land and property in Dubai.
The agreement establishes a clear legal and regulatory framework, streamlining registration procedures, ensuring transparency, and adherence to legal protocols. This cooperation integrates and streamlines property ownership rights for free zone companies, previously limited, thereby expanding their investment opportunities in Dubai’s real estate market.
The key points of simplification include enabling companies in free zones to own freehold property, providing a clear regulatory framework, enhancing integration of the real estate ecosystem, and aligning with Dubai’s economic and real estate strategy. By linking free zones and Dubai’s real estate market, the MoC promotes smoother coordination between entities, minimizing administrative friction when AFZA companies apply for property transactions in Dubai.
Ismail Al Naqi, Director-General of AFZA, also made a statement, emphasizing the partnership's potential to enhance the appeal of Dubai and Ajman as investment destinations. The partnership is expected to foster growth, increase foreign investment, and improve overall market transparency. It is also anticipated to elevate their competitive edge in the real estate market.
The initiative is part of Dubai’s broader plan to diversify its investor base and stimulate sustainable real estate growth by opening ownership opportunities to more types of investors, including those based in Ajman free zones. The agreement supports the UAE's strategic goals of economic advancement and reinforces the UAE's position as a global hub for business and investment.
[1] Dubai Land Department (DLD) and Ajman Free Zones Authority (AFZA) Announce Partnership to Simplify Property Ownership for Free Zone Companies, Gulf News, [date]
[2] Dubai and Ajman Free Zones Authority Sign MoU to Boost Real Estate Investment, Khaleej Times, [date]
- This collaboration between the Dubai Land Department (DLD) and Ajman Free Zones Authority (AFZA) is aimed at fostering growth and Increasing foreign investment in Dubai's real estate sector by streamlining registration procedures and providing a clear regulatory framework.
- The Memorandum of Cooperation (MoC) signed by Marwan bin Ghalita and Ismail Al Naqi aims to enhance integration of the real estate ecosystem, aligning with Dubai’s economic and real estate strategy, and ultimately elevating their competitive edge in the market.
- The partnership is expected to improve overall market transparency, attract more investors, particularly those based in Ajman free zones, and support the UAE's strategic goals of economic advancement and reinforce its position as a global hub for business and investment.
- The initiative is part of Dubai’s broader plan to diversify its investor base, stimulate sustainable real estate growth, and position itself as a desirable destination for foreign investment in both real estate and finance.
