Abu Dhabi DED signs coop pact with SCA
Abu Dhabi, January 10, 2010
Abu Dhabi Department of Economic Development (DED) and the Emirates Securities and Commodities Authority (SCA) have signed a joint co-operation agreement to boost business environment through a simple working system.
The system will simplify, facilitate and develop the necessary procedures for acquiring of license by securities companies that would be established in the Abu Dhabi Emirate.
Mohammed Omar Abdullah, Abu Dhabi DED undersecretary and Abdullah Salim Al-Turifi, chief executive of the SCA signed the agreement at the DED premises in the presence of Hamad Salim Lakhrabani Al-Nuaimi, DED chief executive (Commercial Affairs) and Maryam Al-Suwaidi SCA deputy chief executive for legal Affairs, Issuance and Research and other officials.
Abdullah said the agreement was based on 'its responsibility of pushing forward and open, vibrant and successful economy by providing an examplary environment for local and foreign investment, which would make the private sector the main engine of Abu Dhabi's economic growth.'
He said the DED was working closely with Abu Dhabi Systems and Information Committee to implement a comprehensive business centre project to serve local and foreign investors.
Al-Turifi said the SCA was committed to signing the agreement based on the monitoring and executive responsibilities entrusted to it, including regulation and licensing of companies operating in the areas of securities and securities and commodities markets in the country.
He noted that the agreement will reflect positively on the license issuance process for companies operating in the area of securities and would boost the attraction of UAE's investment environemnt.
Based on the agreement, the two sides will work to build solid partnership between them with the aim of issuing commerical trade license by linking electronically their two systems.
This is to be done through the use of information technology and the internet, through which the two sides will be cooperating very closely to boost each other's inititiatives and programmes for achieving the objectives of the agreement, he added.-TradeArabia News Service