25 September 2018, Abu Dhabi UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi has announced the signing of a strategic new Memorandum of Understanding (MoU) with Abu Dhabi Smart Solutions & Services Authority (ADSSSA). The new partnership is aimed at exploring innovative initiatives and projects that can greatly contribute towards the development of the financial freezone on Al Maryah Island and reinforce efforts to drive more growth to Abu Dhabi’s economy.
The agreement was signed by H.E Dr. Rauda Al-Saadi, Director General of ADSSSA and Mr Dhaher Bin Dhaher, Chief Executive Officer of the Registration Authority of ADGM, and witnessed by H.E Saif Al Hajiri, Chairman of the Department of Economic Development and H.E. Ahmed Al Sayegh, Chairman of ADGM.
The MoU establishes a formal framework for ADGM and ADSSSA to work closely together to enhance the development of technology infrastructure on Al Maryah Island--fostering greater innovation and deployment of sustainable smart systems to help further enable the financial and business community in ADGM and wider Abu Dhabi. Under the terms of the agreement, both ADSSSA and ADGM will collaborate with relevant government entities and the private sector to set up technology clusters focusing on cybersecurity and business intelligence in Abu Dhabi.
H.E. Dr. Rauda Al-Saadi, Director General of ADSSSA, said: "We are proud to announce the signing of a strategic new MoU with Abu Dhabi Global Market, which looks towards jointly working together in the move to develop and implement key projects and initiatives that can bolster the development of Al Maryah Island and contribute to the economic growth of Abu Dhabi. The move demonstrates ADSSSA's continuing commitment to fully utilize technology and innovation as agents of growth and development--bringing us one step forward in the unified efforts to achieve the set goals and objectives of Abu Dhabi's vision.”
Mr Dhaher bin Dhaher, CEO of the Registration Authority of ADGM, said: “We are pleased to further our collaboration with ADSSSA in accelerating the development and adoption of innovation and smart systems on Al Maryah Island and across Abu Dhabi. As an international financial centre and leading FinTech hub, we are consistently enhancing our infrastructure and platform to support the growth of our business, financial and FinTech communities. I look forward to working closely with ADSSSA team to strengthen the information and communications offerings and services for our dynamic ecosystem and registered entities.”
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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