DIFC Signs Cooperation Agreement with Dubai Land DepartmentPress Release17 Oct 2011 02:21 pm
The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, announced today that DIFC Authority has signed a Technical cooperation agreement with the Dubai Land Department (DLD).
According to the agreement, DIFC’s real estate registrar will start utilising DLD’s electronic system in the process of registering and authorising the formation, transfer, amendment or elimination of rights pertaining to property in the Centre’s jurisdiction. Dubai Land Department will provide counsel regarding the regulation of owners’ associations for jointly-owned property as well as surveying and issuing field maps for real estate and property units within the Centre.
Abdulla Mohammed Al Awar, CEO, DIFC Authority, said:
“This agreement supports our efforts to enhance the level of service we offer to investors within the Centre and it allows us to benefit from DLD’s world-class systems and expertise in real estate regulation.”
Juma Bin Humaidan, Deputy Director General of Dubai Land Department, emphasised the importance of this agreement which signifies DLD’s high level of competency in real estate regulations. Within a record time from its establishment, DLD achieved international credence and was ranked first by the International Property Rights Index 2011. It was also ranked fourth globally by the Ease of Doing Business Index 2011 for property registration, and first regionally by the Real Estate Transparency Index in terms of the competitiveness of Dubai’s real estate environment.
Bin Humaidan also reiterated DLD’s commitment to establishing solid foundations for its strategic cooperation with DIFC and utilising this partnership to boost Dubai’s real estate industry through sharing best practices and providing the needed technical and operational support.