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Economy
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September 18, 2024September 18, 2024
ADGM, DMT sign MoU to facilitate transfer of real estate services on Al Reem Island

Abu Dhabi Global Market (ADGM) and the Department of Municipalities and Transport (DMT) have signed a Memorandum of Understanding to facilitate the transfer of real estate services within ADGM’s expanded jurisdiction.

As ADGM expands its presence on Al Reem Island, the MoU establishes a strategic partnership between ADGM and DMT to transfer the real estate services and enhance the efficiency and quality of municipal services provided for residents and businesses within ADGM’s jurisdiction.

The agreement outlines the roles and responsibilities of both authorities, ensuring a seamless transfer of the real estate sector on Al Reem Island from DMT to ADGM, while fostering ongoing collaboration on urban planning, infrastructure, and all other essential services with DMT.

Commenting on the MoU, Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, said, “This collaboration with DMT marks a pivotal step in ADGM’s expansion journey, setting new benchmarks for the real estate sector. Our expansion to Al Reem Island is not only a milestone for ADGM but also a significant benefit to those living and working within our jurisdiction. It reflects ADGM’s unwavering commitment to supporting Abu Dhabi’s exponential growth and fosters a thriving ecosystem for investment.

“Through this MoU, we aim to leverage our combined expertise to deliver high-quality, efficient services that cater to the evolving needs of the community.”

He added that ADGM will also introduce a comprehensive regulatory framework to ensure transparent, efficient, and globally aligned real estate practices within the expanded jurisdiction.

Dr. Salem Al Kaabi, Director-General of Operational Affairs at the DMT, said, “This MoU represents a significant milestone in our collaborative efforts to enhance the quality and efficiency of real estate services in Abu Dhabi. By partnering with ADGM, we are facilitating a smoother integration process and reinforcing our commitment to excellence in urban development. This cooperation embodies our shared vision to drive progress, streamline operations, and ultimately deliver exceptional amenities to our community.”