Abu Dhabi Global Market (ADGM) has signed a deal with Shanghai Free Trade Zone, China, to foster collaboration and facilitate business developments in their respective markets.

ADGM is the international financial centre in Abu Dhabi, UAE.

The agreement establishes a formal framework for further collaboration between the two organisations and reinforces ADGM’s commitment to build stronger ties with global financial centres, said a statement from the financial centre.

The MoU was signed by Guo Yusong, department director, fiscal and financial services of Shanghai Free Trade Zone and Richard Teng, chief executive officer, financial services regulatory authority of ADGM, in the presence of Wang Xinling, vice chairman of China (Shanghai) Pilot Free Trade Zone Administration.

Commenting on the deal, Teng said: “Both of us are established to support stakeholders in global expansion and tap growth opportunities in our respective regions.”

Apart from sharing of information and expertise, the duo will also consider joint activities to enhance the development of the financial centres of Abu Dhabi and Shanghai Free Trade Zone, it added.

“We will work together in bolstering financial services activities, facilitating investment flows and encouraging business innovation in our respective markets,” he added.-TradeArabia News Service