Abu Dhabi Global Market signs agreement with leading UAE telecom providers to boost digital innovation in the financial freezoneADGM FSRA 19/09/2018
ADGM partners Etisalat and Du for better integrated and state-of-the-art telecommunications services
19 September 2018, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has signed a memorandum of understanding with Emirates Telecommunications Group Company PJSC ("etisalat") and Emirates Integrated Telecommunications Company PJSC (EITC) - Du to deploy and showcase innovative solutions and integrated services to transform the digital offerings of information and communications technology and related services across Al Maryah Island, the leading financial free zone in Abu Dhabi. Both MoUs were signed during the 2018 FinTech Abu Dhabi Summit by ADGM held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council.
The deal with "etisalat" was signed between Mr Sultan Al Dhaheri General Manager of Etisalat Abu Dhabi and Mr Khalid Al Suwaidi, Chief Operating Officer of ADGM, and witnessed by H.E. Saif Mohamed Al Hajeri, Chairman of the Department of Economic Development and H.E. Ahmed Al Sayegh, Chairman of ADGM.
The agreement with du was signed by Mr Osman Sultan, Chief Executive Officer of EITC and Mr Khalid Al Suwaidi and witnessed by H.E. Saif Mohamed Al Hajeri, Chairman of the Department of Economic Development, HE Mohamed Al Hussaini, Chairman of EITC and ADGM Chairman.
The MoU between ADGM and "etisalat" formally establishes a framework where Etisalat will provide innovative and integrated telecommunications service offerings catering to ADGM’s registered firms and entities. This will also facilitate further exploration and development of "etisalat's" research facilities and programmes focusing on various areas, including FinTech, blockchain and cyber security. As part of the partnership, "etisalat" will pilot appropriate products and services on ADGM’s financial freezone on Al Maryah Island before opening up to the wider community in the UAE.
Sultan Al Dhaheri, General Manager, Etisalat Abu Dhabi, said: "Today Etisalat's digital initiatives are manifested through our diverse product portfolio, digital experience, network modernization keeping in line with our strategy and vision to "Drive the Digital Future to Empower Societies". We are proud to be partnering with ADGM to foster the digital ecosystem, stimulate technological innovation, and provide innovative solutions and smart services catering to ADGM’s registered firms and entities and community in Al Maryah Island."
Du and ADGM will jointly explore appropriate business opportunities and collaborations in areas of communications, technology infrastructure, innovation platforms, pilot projects, digital services that cater to the evolving needs of ADGM’s registered firms and community set up in Al Maryah Island.
Speaking on the occasion, EITC CEO Osman sultan said: "One of our key objectives at du, is to strengthen our partnerships both on the public and the private sectors to enable the digital transformation of innovative technologies in the UAE. Our strategic alliance with Abu Dhabi Global Market is a reflection of the confidence and trust reposed in our brand du, in undertaking the digital and ICT transformation agenda across all sectors. The mandate, will provide du the opportunity to collaborate in the development of bespoke mission critical solutions and innovative experiential services that will propel ADMC with a defining competitive digital advantage.
Mr Khalid Al Suwaidi, Chief Operating Officer of ADGM, said: "Technology and access to current information are fundamental enablers of businesses, decision-making and opportunities. We are pleased to further our business collaboration with both leading telecommunications providers to introduce more innovative products and smart services to transform the business delivery and accelerate operational efficiency for our community and stakeholders on Al Maryah Island, Abu Dhabi and wider UAE."
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 plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It 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.*
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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