Abu Dhabi Global Market (ADGM), a new international financial centre on Al Maryah Island, and the Abu Dhabi Department of Economic Development (DED) have signed a deal to provide the framework for co-operation and collaboration.

It is particularly regarding respective policies, company registration, licensing and regulatory matters as well as statistics and information sharing, said a statement.

Dhaher Mohammed Bin Dhaher Almheiri, chief executive officer of ADGM Registration Bureau, said: “For ADGM to become a leading international financial centre, the ease of setting up and doing business from within its jurisdiction is of utmost importance.   This MOU provides the essential framework for collaboration with DED to ensure that the processes are as seamless as possible.

“This MoU is one of a series of MoU agreements with UAE authorities that will enable us to work together and make it as simple as possible for companies to set up and do business on Al Maryah Island.”    

Ali Fahad Al Nuaimi, director of Trade Relations for DED, said: "DED is keen to sign such agreements as part of the activation of the G2G initiative that contributes to the integration of government agencies in order to provide better services to investors and businessmen in Abu Dhabi."

The MoU for cooperation between ADGM and DED  covers many aspects including; the registration and protection of company names and licences, both onshore and within ADGM; developing the process for transferring and renewing the trade licences of those companies already operating in Al Maryah Island; establishing a mechanism for ADGM and DED to cooperate wherever they may need to in the future; and co-operating in the exchange of information regarding regulations, standards and business classifications to ensure consistency between them. - TradeArabia News Service