Dubai Land Department signs deal with Tatweer
Tatweer, a member of Dubai Holding, will be the first user of the new initial title registration system developed by the Government of Dubai Land Department, the Emirate's land registry and real estate transactions exchange. The system allows registration of title deeds/master plans, mortgaged property and deferred sale.
A strategic partnership agreement was signed by Sultan Butti bin Mijrin, the Director General of Dubai's Land Department, and Khalid Al Malik, CEO of Tatweer, in Dubai. Mohammed Al Habbai, CEO of Dubailand, and Abdul Wahab Al Halabi Chief Operating Officer of Dubailand; Mohammed Sultan Thani, Director of Development and Marketing Administration, and Abdelbari bin Sougat, Assistant Director of the Development and Marketing, Land Department, were present at the ceremony.
The agreement will centralise all land sales in Dubai through a general property registration system and all agreed sale deeds will be authenticated by the Land Department.
Sultan Butti bin Mijrin, Director General of Land Department, said: "Tatweer is the first company to use the new initial property registration system. We are confident this system will not only strengthen investors' confidence in the real estate market but will help attract more foreign direct investments. All the development projects shall be subject to trust law agreements, which guarantee the buyers' funds will be utilised only for the developments they were meant for."
"The partnership between the Land Department and Tatweer will help provide accurate information on the value of transactions, restrict dealings to accredited brokers in Dubai and bring more transparency to property transactions. The agreement will also allow us to consolidate cooperation with Tatweer to provide property registration services through its head-office at Dubailand," he added. Source
A strategic partnership agreement was signed by Sultan Butti bin Mijrin, the Director General of Dubai's Land Department, and Khalid Al Malik, CEO of Tatweer, in Dubai. Mohammed Al Habbai, CEO of Dubailand, and Abdul Wahab Al Halabi Chief Operating Officer of Dubailand; Mohammed Sultan Thani, Director of Development and Marketing Administration, and Abdelbari bin Sougat, Assistant Director of the Development and Marketing, Land Department, were present at the ceremony.
The agreement will centralise all land sales in Dubai through a general property registration system and all agreed sale deeds will be authenticated by the Land Department.
Sultan Butti bin Mijrin, Director General of Land Department, said: "Tatweer is the first company to use the new initial property registration system. We are confident this system will not only strengthen investors' confidence in the real estate market but will help attract more foreign direct investments. All the development projects shall be subject to trust law agreements, which guarantee the buyers' funds will be utilised only for the developments they were meant for."
"The partnership between the Land Department and Tatweer will help provide accurate information on the value of transactions, restrict dealings to accredited brokers in Dubai and bring more transparency to property transactions. The agreement will also allow us to consolidate cooperation with Tatweer to provide property registration services through its head-office at Dubailand," he added. Source
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