ADGM and the Industrial Development Bureau sign MoU for the advancement of the industrial sector in Abu DhabiADGM RA 28/10/2018
The Registration Authority of Abu Dhabi Global Market (ADGM), the leading international financial centre of Abu Dhabi has signed a Memorandum of Understanding (MoU) with the Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (DED). The MoU seeks to develop a platform to support strategic industrial projects with the aim of expanding the region’s industrial sector and promoting economic diversification.
The agreement was signed by His Excellency Khalifa Bin Salem Al Mansouri; Undersecretary of the Department Of Economic Development in Abu Dhabi and Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer of the Registration Authority of ADGM.
The increase in innovation-led advancements has resulted in the growth of the UAE's industrial sector and it is becoming a key driver of the nation's economic expansion. In support of greater development, the MoU between the IDB and ADGM will enable consultation, cooperation and the exchange of information in order to establish a platform for strategic industrial projects.
The agreement aims to enhance cooperation in the interest of fulfilling each party's respective regulatory mandates as well as facilitating the exchange of information relating to industrial companies standards, criteria and categories. The parties have also agreed to coordinate the transfer of knowledge concerning technical, organizational and institutional experiences to advance strategic projects in the sector.
A joint committee will be established to ensure the performance and enforcement of the memorandum. The committee will be responsible for regularly reviewing and proposing recommendations or suggestions regarding the agreement to ensure successful implementation and ongoing relevance on behalf of both entities
His Excellency Khalifa Bin Salem Al Mansouri; Undersecretary of the Department Of Economic Development in Abu Dhabi, has affirmed the commitment of the Industrial Development Bureau to developing the industrial sector in the Emirate of Abu Dhabi through reinforcing strategic partnerships with government entities.
His Excellency said that the MoU establishes channels of strategic cooperation between the Registration Authority at ADGM and the Industrial Development Bureau, all part of an effort to achieve full organisational integration between government entities and position Abu Dhabi as a modern industrial and business centre.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: "Technology and innovation are redefining the nation’s industrial landscape and the UAE is becoming more competitive on a global scale by optimizing its resources and implementing a knowledge-based approach. Through this initiative, ADGM and IDB will mutually strive to accelerate knowledge sharing to bolster the region’s industrial development, promote its products and attract greater investment to the sector."
In line with the Abu Dhabi Economic Vision 2030 and the UAE Vision 2021, the MoU emphasizes the mutual commitment to strengthen cooperation between local government entities to further Abu Dhabi as an advanced economic and industrial hub with the goal of greater economic diversification for the 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 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 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 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
For more information Kindly contact:
Afra AL Rashdi
Senior Manager – Corporate Communication
Tel:+971 2 333 8853