The Dubai Land Department, DLD, has signed Memorandums of Understanding, MoUs, with the Ras Al Khaimah International Corporate Centre, RAKICC, and the Ras Al Khaimah Economic Zone, RAKEZ, for the registration of land and freehold properties on behalf of free zone companies.
Under the two agreements, the DLD will accept the registration of freehold plots and properties or any right in rem, subject to the submission of the required documents and the payment of the registration fees according to the timely adopted procedures at the DLD.
These include the submission of a "No Objection Letter" issued by the parties to the relationship, as long as the company is listed and duly registered with the RAKICC or the RAKEZ and the shareholders are natural persons. The DLD may also approve the registration of the freehold property, plot, or any right in rem owned by juristic persons or a combination of natural and juristic persons.
The MoUs were signed by Sheikh Mohammed bin Humaid Al Qasimi, Managing Director of the RAKICC and the RAKEZ, and Sultan Butti bin Mejren, the DLD Director-General.
Bin Mejren said, "The two MoUs with the RAK government entities affirm our commitment to the directives of our wise leadership to strengthen cooperation with government entities in Dubai and the other emirates. We are, therefore, delighted to attract additional partners to the DLD to offer our expertise in all relevant fields, including real estate regulation and registration, as well as the means to encourage investment in the UAE’s real estate sector."
Ramy Jallad, the RAKEZ Group CEO, said the MoU paves the way for registered free-zone companies to reach new horizons by investing in lands and freehold property in Dubai.
Dr. Sameer Al Ansari, CEO of the RAKICC, hoped that the MoU would provide an opportunity for companies registered with the RAKICC to receive multiple options for freehold properties in Dubai.
The two MoUs reflect the DLD’s aspiration to cooperate with economic zones for the organisation and control of land registration procedures and properties owned by economic zone companies, emphasise their efforts to structure and develop mutual relationships, promote their common interests in order to achieve integration, and strengthen close cooperation and coordination between them to achieve the vision and strategy of Dubai and in public interest.