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Despite no legal restriction on the ownership of real estate assets in mainland Dubai by Dubai International Financial Centre (“DIFC”) entities, in practice DIFC entities could only obtain title at the Dubai Land Department (“DLD”) by obtaining approval on a case by case basis.
To facilitate the requirements of DIFC entities, the DIFC and DLD have now signed a memorandum of understanding (“MOU”) allowing DIFC entities licensed by DIFC to take title to real estate in mainland Dubai.
The MOU prescribes the process the DIFC applicant must follow in order to complete the real estate title registration as well as the documents required and the fee that shall be paid to DLD in this regard.
Key MOU Provisions
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