Dubai - Mubasher: Dubai Land Department (DLD) announced signing a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM) to enable foreign companies which are listed on its stock markets to own properties in Dubai’s freehold areas over the coming period.

The deal is part of DLD’s efforts to implement more expansion in the UAE’s real estate sector and collaborate with the Financial Free Zone Authority, according to an official statement.

“The new MoU helps to promote Dubai’s real estate sector, providing additional opportunities for institutions outside Dubai to enter into partnerships, paving the way for them to own properties in the freehold areas in the Emirate,” DLD’s director general Sultan Butti bin Mejren said.

This cooperation is expected to strongly boost the UAE’s real estate sector by achieving sustainable growth and will raise foreign investor access to invest in the market, Dhaher bin Dhaher Al Mheiri, ADGM Registration Authority’s CEO, stated.