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In order to enhance the real estate sector, Abu Dhabi Global Market (ADGM) and Department of Municipalities and Transport (DMT) have signed a relevant agreement for facilitating transfer of real estate services on Al Reem Island. This partnership will make processes more efficient, improve efficiency and ensure that property owners and investors have good experiences when dealing with their properties.
The deal was sanctioned in a ceremony with major officials from both parties in attendance. This partnership emphasizes ADGM’s effort in creating a suitable atmosphere for businesses and DMT’s effort to modernize and streamline city services.
DMTs real estate transactions on Al Reem Island will be supported by ADGM through its sophisticated regulatory framework and cutting-edge technology, according to the agreement. Apart from property registration, title transfers among others digital platforms will be integrated. It is anticipated that this would lead to considerable lessening in processing time hence facilitating people and companies navigation through real estate transactions complexities.
A representative from ADGM said, “This collaboration affirms the vision we share of building an exceptional business environment in Abu Dhabi. By merging our regulatory and technological capabilities with DMT’s proficiency in local authority services, we believe that we could bring about an unmatched level of effectiveness as well as clarity when it comes to property deals.”
The partnership was also welcomed by the Department of Municipalities and Transport. “We are committed to supply the people with excellent services that fit into their ever-changing requirements,” stated a DMT officer. “This collaboration with ADGM will enable us to do so through utilization of advanced technologies and best practices in property management.”
The contract is witnessed as an optimistic movement to boost investors’ trust and develop the real estate industry. Consequently, considering that Al Reem Island is one of the top residential and commercial centers in Abu Dhabi, this plan is anticipated to offer extensive advantages for both current real estate proprietors and probable investors.
This program involves collaboration between two parties so as to maintain quality in customer services during the handover period. This is another step taken by Abu Dhabi towards becoming an international business and investment hub.
