Abu Dhabi Global Market (ADGM), the International Financial Centre of the UAE’s capital, has released a Consultation Paper in order to seek views on its proposals on the comprehensive revamp of its real property regulatory framework.
This regulatory revamp addresses market needs and “ensures we stay aligned with market developments, ultimately positioning ADGM Real Property regulation as best-in-class support the growth of the real estate sector.”
ADGM seeks input on the following proposed amendments:
- Amendments to its Real Property Regulations 2015 focused on protections for tenants in short-term residential leases;
- Introduction of a new framework for the registration of off-plan development projects, off-plan sales, and Project Accounts.
- Introduction of a framework for registering off-plan and real property professionals, such as brokers, valuers and property managers, who provide services within ADGM’s jurisdiction.
This Consultation Paper is said to be “part of ADGM’s strategy to r engage with our stakeholders at every stage of their journey.”
To review complete details of the Consultation Paper, check here.
The Consultation Paper is open for feedback until 19th June 2024.
Following the success of its inaugural edition, ADGM, the international financial centre of the UAE’s capital, hosted the second edition of the UAE-France Investors Meetup.
This gathering, led by Bruno Le Maire, the French Minister of Economy, Finance, and Industrial and Digital Sovereignty, is designed “to foster partnerships between the two nations through dialogues on investment opportunities and areas of collaboration within UAE-French financial landscape.”
In line with the UAE’s commitment to developing international cooperation through collaboration with partner countries, this meeting, held in the presence of Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer, Mubadala Investment Company, served as “a vital platform for strengthening economic and financial ties between the UAE and France, building on long-standing bilateral strategic relations.”
In his opening remarks, he has “commented on the historic and broad economic ties, as foundations for France and the Emirates to significantly expand their investment ties across future industries and new value chains.”
This year’s event also witnessed “active participation from the UAE and France, facilitating discussions on opportunities, exploring new avenues for collaboration in key sectors, and enhancing mutual understanding of both financial landscapes.”
Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), and Abu Dhabi Global Market (ADGM), said:
“We welcome His Excellency Bruno Le Maire and the French delegation. The partnership between France and the UAE has strengthened over the years, with trade contributing to the growth and economic diversification of both nations. These meetups are crucial for discussing the evolution of economic systems and rethinking cross-border trade and investments. Abu Dhabi has played a pivotal role in facilitating these important dialogues, providing a platform for informed discussions and strategic partnerships. By hosting events like the annual Investor Meetup, we emphasize our commitment to fostering international cooperation and driving economic growth. We look forward to continuing our strong partnership with France and exploring new avenues for collaboration that will benefit both our countries.”
