ADGM signs agreement of co-operation and delegation with Department of HealthADGM 02/04/2018
Abu Dhabi Global Market (ADGM) and the Department of Health (DoH) have entered into an agreement of cooperation and delegation to establish a mutual strategic framework and collaboration between governmental entities. The agreement strives to enhance the position of Abu Dhabi as an economic centre in the areas of health, medical and pharmaceutical investments.
The delegation component of the agreement designates the DoH to manage the technical initial approvals with regard to all health-related licenses on behalf of ADGM. ADGM will coordinate and consult with the Department of Health upon receiving any application for licensing healthcare facilities in their jurisdiction. The agreement bestows delegation to the DoH to assume all powers and responsibility in issuing initial approvals with regard to licenses of health, medical and pharmaceutical establishments as per their regulations. Furthermore, the DoH will have the authority to receive and review applications for healthcare professional licenses and health insurance licenses operating in the geographical scope of ADGM. Following license registration approval, the DoH still maintains the task of monitoring healthcare facilities and reporting to ADGM.
The cooperation agreement means greater unification between the two organizations. It will permit greater knowledge transfer and technical experiences relating to the healthcare industry. Moreover, an understanding to exchange knowledge pertaining to health, medical and pharmaceutical activities in the financial free zone will be implemented. Dhaher Bin Dhaher AlMheiri, CEO of the ADGM Registration Authority remarked, "This agreement propels collaboration and commitment in the field of healthcare. It produces greater economic ties between government agencies and introduces fully regulated healthcare licensing with freezone benefits. The joint efforts of ADGM and DoH will result in furthering Abu Dhabi as a diverse commercial hub."
To facilitate and enforce the new collaboration, a joint committee of four members comprising two members from each organization will be established. The duties of the joint committee will be to review the agreement, provide suggestions or amendments and relay information regarding medical events that pertain to the financial freezone. The Acting-Undersecretary of Department of health, Mohamed Hamad AL Hameli said "Healthcare is a fundamental necessity and under this auspicious agreement ADGM can harness the expertise of the Department of Health in the field of healthcare. It will enhance investor confidence and ensure compliance with the rules and regulations to preserve the safety and rights of all stakeholders."
The agreement simplifies the process for applicants by registering under the well-established framework of the DoH. It will improve cooperation between ADGM and the DoH in achieving mutual economic and social objectives that will bolster ventures in the healthcare industry.
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.
Based in Abu Dhabi, home to one of the world’s largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in 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: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate 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.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and Linked: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For more information Kindly contact: Afra AL Rashdi
Senior Manager - PR and media