8 September 2018, Abu Dhabi (UAE) : Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Beijing Financial Street Services Bureau concluded a Memorandum of Understanding (MoU) in Beijing, capital of the People’s Republic of China, on 6 September, 2018. The MoU was signed by Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM, and Mr Li Yi, Deputy District Mayor of Xicheng District People’s Government of Beijing Municipality. The MoU serves to promote the development of financial centres in China and the United Arab Emirates (UAE) and heighten engagements.
This is a continuation of ADGM’s commitment to the Belt and Road initiative, following the recent visit by President Xi Jinping, President of the People’s Republic of China to His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Crown Prince’s Court during the state visit by the Chinese State Leader and his Ministerial delegation to Abu Dhabi.
The new MoU provides a formal platform for greater cooperation between ADGM and the Beijing Financial Street Service Bureau in areas including the development of financial centres in China and Abu Dhabi, investment facilitation, joint research on relevant areas and closer exchange of information. In particularly, both parties will collaborate on major Belt-and-Road investment and financing projects in Beijing and Abu Dhabi.
Representatives from the People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, National Development and Reform Commission, Beijing Municipal Government, Beijing Xicheng District People's Government, First Abu Dhabi Bank and other institutions were present to witness the milestone event.
By strengthening its collaboration with the Chinese government and relevant enterprises, ADGM is able to better cater to the investment and financing needs of the China market and serve as the ‘Belt-and-Road’ centre for the Middle East and Africa region.
Following the signing, ADGM and the Beijing Financial Street Service Bureau held its first joint roundtable discussion in Beijing focusing on enhancing China-UAE financial cooperation.
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 centre 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 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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