Dubai Financial Market,Land Department sign MoU

DUBAI, The Dubai Financial Market signed a Memorandum of Understanding, MoU, with the judicial arm of the Dubai Land Department, DLD, the Rental Disputes Center, RDC.

The agreement aims to reinforce cooperation between both sides as well as to streamline joint procedures by directly linking the RDC with the electronic services platform of the Dubai Financial Market, DFM, as the official channel for applications related to any judicial measures relevant to market participants.

Essa Kazim, Chairman of the DFM, and Sultan Butti bin Mejren, Director-General of the DLD signed the MoU in the presence of senior representatives from both sides.

The MoU paves the way for further cooperation and knowledge sharing between the two sides, providing a clear framework for the implementation of the RDC rulings related to court restrictions, court releases and court sell orders, as well as the distribution of cash dividends for investors whose shares are under court custody.

This step clearly indicates the deep belief of both the DFM and the DLD, represented by the RDC, in the importance of coordination and cooperation in further reinforcing the efficiency of their activities as well as reinforcing efforts to strengthen the leading position of Dubai and the UAE in terms of business excellence and quality of services.

Essa Kazim said, “The DFM maintains a strong relationship with various government institutions, with the DLD at the forefront, as part of our commitment to collaborate with related institutions to further enhance Dubai’s favourable and attractive environment for investment. This step is in line with the vision and directions of the wise leadership that emphasises on the importance of employing advanced technologies to provide smart and innovative services to market participants. Accordingly, we have developed efficient and secured channels to connect with various entities including the DLD, in order to process applications rapidly and effectively.”

Sultan bin Mejren said, “This MoU comes within the framework of constant care and continuous efforts to strengthen partnership and cooperation with our various governmental entities. This is in accordance with the directives of our wise leadership to improve government performance and provide advanced government services to all customers as well as ensure Dubai’s premier global position. DLD strives to provide its expertise and progress in the development of modern applications for all its institutional partners, which will contribute to Dubai’s economic development and position the Emirate among the best international investment destinations.”

Source: Emirates News Agency