Abu Dhabi Global Market and Casablanca Finance City sign agreement to promote the development of the financial services sectorADGM RA 11/02/2019
The Registration Authority of Abu Dhabi Global Market (ADGM), theleading international financial centre of Abu Dhabi and the Casablanca Finance City Authority (CFCA) have signed a Memorandum of Understanding (MoU) to foster closer collaboration among the United Arab Emirates, Morocco and Africa and jointly promote the development of financial services in the respective markets.
The MoU was signed by Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer of the Registration Authority and Said Ibrahimi, Chief Executive Officer of the Casablanca Finance City Authority.
The MoU focuses on strengthening partnership between the authorities to explore possible cross-border initiatives, facilitate knowledge sharing and accelerate the development of the financial services sector to support the growth of the MENA region. The MoU provides a platform for the authorities to foster best practice and knowledge in the fields of green finance; Islamic finance and financial technologies (Fintech) to advance the growth of financial services.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority remarked, “As the International Financial Centre in Abu Dhabi, ADGM plays an integral role in supporting the UAE’s initiatives to bolster the growth and diversification of the economy. We look forward to working closely with Casablanca Finance City to bolster knowledge sharing initiatives and achieve sustainable development in all respective markets, in addition to supporting international relations. We will work closely to develop a robust financial services sector that is supported by green finance and innovative financial technologies.”
Mr. Said Ibrahimi, CEO of Casablanca Finance City Authority, commented: “We are pleased to sign today this memorandum of understanding with Abu Dhabi Global Market. This partnership is the first of its kind established by CFC with a GCC financial center. We have the strong conviction that such fruitful cooperation will play an instrumental role in fostering business ties between the UAE, Morocco and Africa”.
This is the first of such collaborative partnership between ADGM and CFC. The UAE and Morocco have strongly-rooted bilateral relations with mutual desires to preserve unity and dialogue in the GCC, Maghreb regions and Africa while strengthening the Arab nations.
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 a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi's position as a global hub 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 an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
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About de Casablanca Finance City
Casablanca Finance City (CFC) is an international financial and business hub located at the crossroad of continents.
Recognized as the leading financial center in Africa, and partner of the largest financial centers, CFC has built a strong and thriving community of members across four major categories: financial companies, regional headquarters of multinational companies, service providers and holding companies.
CFC offers its members an attractive value proposition and a premium “doing business” support that fosters the deployment of their activities in Africa.
Driven by the ambition to cater to its community, CFC is committed to promoting its members expertise across the continent, while enabling fruitful business and partnership synergies through its networking platform.
For more information: www.casablancafinancecity.com
Linkedin: Casablanca Finance City