In a game changing policy initiative, companies in the free zones of Masdar City will have permission to directly own property and land under their bases in designated freehold areas of Dubai. This is in the heel of a recently signed memorandum of cooperation between the Dubai Land Department (DLD) and Masdar City, which promises an eventful change in terms of access to real estate by the free zone companies.
An Agreement of First of Its Kind
The deal was signed by Majid Al Marri, the CEO of the Real Estate Registration Sector at DLD and Ahmed Baghoum, the CEO of the Masdar City. It allows the companies located at Masdar City to avoid earlier limitations that may demand that businesses acquire property with the help of local sponsors, UAE citizens, or compared with intricate mainland-affiliated frameworks.
This coordination explicitly exposes the freehold market into the hands of a larger variety of commercial bodies having permissions to enjoy identical ownership advantages as is the prevailing case with UAE nationals and some of the offshore corporations.
Increasing Integration & Investor Confidence
Terming the new policy, Majid Al Marri said:
The initiative boosts the streamline of real estate ecosystem and is a continuation of efforts to create more open and investor-friendly environment of Dubai.
This is another step in the efforts by the Dubai Land Department to continuously develop and achieve regulatory, structural reforms that will help Dubai become a global investment destination.
Making the Process Easier to Businesses
Wider economic effects of this initiative were pointed out according to Ahmed Baghoum:
Our simplification of property registration systems of the businesses that are already well established in our free zones within the Masdar City will help the companies increase their operations without problems and at the same time enhance the long term development of the UAE as a nation.”
It is likely to contribute to business growth and heighten the activity of real estate plans, especially those related to sustainability that are already located in Masdar City.
A Strategic Advance Forward
Not only is this agreement more ownable in clarifying and ensuring legal assurance to investors, but it is an indication that Dubai is still at it to diversify its economy and attract worldly businesses.
Many of the free zone companies will have access to high value real estate market in Dubai-a fact that would present the city an opportunity to enjoy another shot of commercial investment-which further enhances the claim that the city is among the most favorable business environment in the globe.
News Source – https://timesofindia.indiatimes.com/world/middle-east/uae-companies-in-select-free-zones-can-now-buy-and-own-property-in-dubai-under-new-deal/articleshow/122887554.cms?
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