Abu Dhabi Global Market and Anaklia Special Economic Zone/City form new bilateral co-operation

ADGM FSRA 10/04/2018


Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Anaklia Special Economic Zone/City, are pleased to enter into a Memorandum of Understanding (MoU) to facilitate closer collaboration on initiatives that will bolster the growth of the financial markets in Abu Dhabi and Georgia. This followed the visit of His Excellency (H.E.) Dimitri Kumsishvili, First Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia to ADGM on Al Maryah Island, hosted by HE Ahmed Al Sayegh, Chairman of ADGM.
The agreement was signed by Ms Keti Bochorishvili, Chief Executive Officer (CEO) of Anaklia City and Special Economic Zone and Mr. Philippe Richard, International Affairs Director at the Financial Services Regulatory Authority (FSRA) of ADGM.

Since the establishment of diplomatic relations between the UAE and Georgia in 1992, bilateral relations between the two countries continue to deepen in the economic, administrative, and social fields. This agreement formalises a framework for ADGM and Anaklia City & Special Economic Zone to share expertise and information on banking, financial services and securities legislation and regulations in both jurisdictions.

Ms Keti Bochorishvili, CEO, Anaklia Special Economic Zone/City, said: "Abu Dhabi Global Market is global leader and a role model of innovative approach towards business development. Anaklia already has special status in the Constitution of Georgia, creating the opportunity to deploy special legal regime. Anaklia SEZ will be a global development on the hinterland of Anaklia Deep Sea port which is planned to be launched in 2020. Experience of ADGM in many directions is revealing and extensive, thus Anaklia SEZ is please to establish regional partnership with ADGM to further foster development between two zones."

Mr Richard Teng, CEO, FSRA of ADGM, said: "We are pleased to deepen our partnership with Anaklia Special Economic Zone/City. We are ready to support our partner, their financial institutions and companies in expanding their growth and global footprints via ADGM's innovative and international platform. I look forward the teams sharing market insights and regulatory expertise that will further strengthen the financial services sectors in both jurisdictions, and support the growth needs of our companies and investors."

As one of the world’s most innovative and leading IFCs, ADGM understands its responsibility in fostering an open and conducive trading environment, and will continue to form meaningful collaborations with authorities and stakeholders locally and globally.

About Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi's position as a global centre for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*

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