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Law Update: Real Estate, Construction & Hotels
The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.
Read the full report
A complete spectrum of legal services across jurisdictions in the Middle East & North Africa.
Dubai Land Department Allows ADGM-Registered Entities to Buy Properties in Dubai
The Dubai Land Department (DLD) and Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding (MoU) to allow ADGM-registered entities to own properties in Dubai.
This move will strengthen the Dubai real estate market as it broadens the base of potential investors. It also increases ADGM’s attractiveness as a free zone.
Land and property ownership in Dubai is still subject to the local laws, meaning that non-GCC national investors can invest in Dubai property only in designated areas. DLD has previously signed similar agreements with free zones in Dubai. However, the MoU expands the range of options that both local and international investors can use to own Dubai property and allows them to use an ADGM vehicle (such as a real estate company, an investment company, a holding company, or a foundation) to do so.
About ADGM
ADGM is an international financial free zone based in Abu Dhabi, UAE. Its goal is to develop and cement Abu Dhabi’s position as a global hub for business and finance.
Among its advantages:
- It allows for 100% foreign ownership.
- It offers competitive services and is cost-efficient.
- The regulatory authorities are responsive to company needs and are adaptive to new developments around the world. It runs on an international regulatory framework based on Common Law. It has an independent court body.
- Since its establishment in October 2015, ADGM received the “Financial Centre of the Year (MENA)” award for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.
- ADGM is a member of the World Alliance of International Financial Centres (WAIFC), a network of international financial centres committed to sharing best practices and providing investment infrastructure to local economies.
- It has an independent court body.
- ADGM has a state-of-the-art arbitration hearing facility.
Key Contacts
David Bowman
Senior Associate, Real Estate
Nasouh Raslan
Associate, Corporate Structuring
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