Press Release

DIFC signs cooperation agreement with Dubai Land Department

Dubai,17October2011:The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas,announced todaythat DIFC Authority has signed a Technical cooperation agreement with the Dubai Land Department (DLD).

According to the agreement, DIFC’sreal estate registrar will start utilising DLD’s electronic system in the process of registering and authorising the formation, transfer, amendment or elimination of rights pertaining to property in the Centre’s jurisdiction. Dubai Land Department will provide counsel regarding the regulation of owners’ associations for jointly-owned property as well as surveying and issuing field maps for real estate and property units within the Centre.

Abdulla Mohammed Al Awar, CEO, DIFC Authority, said:

“This agreement supports our efforts to enhance the level of service we offer to investors within the Centre and it allows us to benefit from DLD’s world-class systems and expertise in real estate regulation.”

Juma Bin Humaidan, Deputy Director General of Dubai Land Department, emphasisedthe importance of this agreement which signifies DLD’s high level of competency in real estate regulations. Within a record time from its establishment, DLD achieved international credence and was ranked first by the International Property Rights Index 2011. It was also ranked fourth globally by the Ease of Doing Business Index 2011for property registration, and first regionally by the Real Estate Transparency Index in terms of the competitiveness of Dubai’s real estate environment.

Bin Humaidan also reiterated DLD’s commitment to establishing solid foundations for its strategic cooperation with DIFC and utilising this partnership to boost Dubai’s real estate industry through sharing best practices and providing the needed technical and operational support.

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For further inquiries on the DIFC, please contact:

Dubai International Financial Centre
Shaima Al Zarouni
PR Manager
Tel: +971 4 362 2432
E-mail: / Brunswick Group
Nabih Tarabay
Tel: +971 4 4466270
E-mail:

About the DIFC

The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 800 active registered firms, including 18 of the top 25 global banks, 8 of the largest global asset managers, 7 of the 10 largest insurers and 6 of the top 10 law firms in the world. More than 11 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.

DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.

For further information, please visit our website: or follow us on Twitter @DIFC.

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