UAQ FTZ and Dubai Land Department Forge New Path for Businesses
In a significant move that enhances the business landscape in the UAE, the Umm Al Quwain Free Trade Zone (UAQ FTZ) has signed a memorandum of cooperation (MoC) with the Dubai Land Department (DLD). This partnership empowers UAQ FTZ-registered companies to legally acquire and register freehold property in Dubai under their business name.
A Game-Changing Collaboration
This strategic collaboration is being hailed as a game-changer for businesses looking to scale, diversify, and establish a foothold in Dubai’s lucrative real estate market. For years, Dubai has been known for its resilient property sector, and this agreement opens new doors for UAQ FTZ companies to gain direct access to these high-performing markets.
Empowering Investors
As one of the UAE’s most investor-friendly free zones, UAQ FTZ continues to redefine what business empowerment means. The chief aim of the free zone has been to simplify the process for investors and companies, allowing them to focus on growth rather than navigating complex regulations. With this new arrangement, companies registered in UAQ FTZ can now explore opportunities in Dubai’s thriving property sector with greater ease.
“We are proud to lead with purpose and enable our investors to participate in Dubai’s thriving real estate sector with full legal clarity and institutional support,” stated Sheikh Mansoor Bin Ibrahim Al Mu’alla, Executive Director of UAQ FTZ Authority. This emphasis on clarity and support is vital for encouraging foreign investment in the UAE.
A Robust Legal and Operational Framework
The agreement creates a comprehensive legal and operational framework between UAQ FTZ and DLD, addressing traditional barriers that have previously hindered business growth. It allows licensed companies to own strategic real estate assets that align with their growth trajectories. According to Johnson M George, General Manager of UAQ FTZ, this collaboration empowers businesses to secure real estate assets in Dubai, aligning with their operational needs and long-term ambitions.
Benefits of the Partnership
The benefits of this partnership are vast and multifaceted. For instance, it enables direct freehold ownership under a company name—a critical advantage for businesses looking to solidify their presence in Dubai. Moreover, the arrangement streamlines the registration process through integrated digital systems, ensuring a quicker and more efficient pathway to property ownership.
Additionally, this collaboration emphasizes transparency in ownership transfers, which is crucial for maintaining investor confidence. Both UAQ FTZ and DLD have committed to ongoing regulatory coordination, reinforcing compliance with anti-money laundering and counter-terrorism financing standards, thereby enhancing the integrity of the business environment in the region.
Collaboration and Innovation
This partnership is not just about real estate; it reflects a broader commitment to fostering real estate investment across the UAE through innovation and collaboration. As highlighted by Majid Saqer Almarri, CEO of the Real Estate Registration Sector at Dubai Land Department, this effort aims to provide a seamless and legally sound framework that supports business expansion while ensuring high standards of regulatory compliance.
The implications of this MoC extend far beyond immediate business opportunities. It represents a forward-thinking approach to economic growth that values cooperation between government entities and private enterprises. The collaboration positions UAQ FTZ as a strategic gateway to the UAE, enhancing the appeal of both the free zone and Dubai’s real estate market as a destination for global investors.
As the landscape continues to evolve, UAQ FTZ and Dubai Land Department are setting a precedent for other regions and free zones within the UAE, demonstrating the power of partnerships in driving sustainable economic development.
