Dubai Land Department (DLD) and Ajman Free Zones Authority (AFZA) have formalized their collaboration through a joint Memorandum of Cooperation aimed at simplifying pathways for companies registered in AFZA to secure freehold ownership of land and property. This initiative streamlines the registration process and enhances synergy across government bodies.
The agreement was executed by Marwan bin Ghalita, director-general of the Dubai Land Department, and Ismail Al Naqi, director-general of the Ajman Free Zones Authority, in Dubai, with the presence of senior representatives from both organizations.
Establishing a clear framework for AFZA-registered companies
The Memorandum is designed to establish a clear legal and regulatory framework that allows AFZA-registered companies to seamlessly integrate real estate assets under their corporate structures, thus streamlining procedures within established frameworks. Moreover, this initiative is expected to enhance transparency and catalyze investment, supported by a strong commitment to legal and administrative protocols.
Enhancing the investment appeal of Dubai and Ajman
The collaborative framework is set to elevate the investment appeal and competitive advantage of both Dubai and Ajman as leading destinations within the real estate landscape.
Marwan bin Ghalita commented, “Driven by a commitment to the real estate market’s evolution, we consistently initiate strategic advancements that stimulate investment and nurture a resilient, attractive commercial sphere. This memorandum charts a course for amplified collaboration with AFZA, a synergy that will empower our mission to cultivate the property market and establish an enticing investment ecosystem aligned with Dubai’s forward-looking vision.”
Ismail Al Naqi stated, “AFZA remains committed to pioneering inventive solutions that streamline investor journeys and contribute to elevating the UAE’s investment appeal. This partnership with DLD represents a significant leap forward in enabling businesses to confidently and efficiently grow their real estate investments within an integrated system that safeguards investor interests and provides a vibrant business environment.”
Reflecting UAE’s strategic goals for economic growth
This agreement further reflects the UAE’s foundational strategic tenets of accelerating economic advancement, attracting foreign investment inflows, and enhancing integrated governmental action. Additionally, this alliance will facilitate more efficient real estate registration procedures and foster greater regulatory adaptability, ultimately strengthening the UAE’s position as a distinguished global hub for business and investment.
