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ADGM And DMT Sign Landmark MoU To Transfer The Real Estate And Municipal Services On Al Reem Island From DMT To ADGM |
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The MoU is set to transfer the real estate and municipal services within ADGM’s expanded jurisdiction on Al Reem Island from the Department of Municipalities and Transport to ADGM.ADGM, the international financial centre ofthe UAE’s capital,and the Department of Municipalities and Transport (DMT) have announced the signing of a landmarkMemorandum of Understanding (MoU)to facilitate the transfer of real estate services within ADGM’s expanded jurisdiction. As ADGM expandsits presence on Al Reem Island, the MoU establishes a strategic partnership between ADGM and DMTto transfer the Real Estate services and enhance the efficiency and quality of municipal services provided for residents and businesses within ADGM's jurisdiction. The agreementoutlines the roles and responsibilities of both authorities, ensuring a seamless transfer of the real estate sectoron Al Reem Island from DMT to ADGM, while fosteringongoing collaboration on urban planning, infrastructure, andall other essential serviceswith 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 supportingAbu Dhabi’sexponential 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.Alongside this expansion, ADGM will also introduce a comprehensive regulatory framework to ensure transparent, efficient, and globally aligned real estate practices within the expanded jurisdiction, furthering our dedication to innovation and excellence in real estate regulations” Reflecting on the significance of the MoU, H.E. Dr. Salem Al Kaabi, Director General of Operational Affairs at the DMT, said:“This Memorandum of Understanding 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.” This strategic partnership enables ADGMtospearhead innovation, efficiency, and excellence in real estate and municipal services, further strengthening Abu Dhabi’s position as a leading global financial hub for business and investment. |
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