ADGM, the new international financial centre on Al Maryah Island, and the Abu Dhabi Department of Economic Development (“DED”) today announced the signing of a Memorandum of Understanding (“MOU”) that provides the framework for cooperation and collaboration between ADGM and DED, particularly regarding respective policies, company registration, licensing and regulatory matters as well as statistics and information sharing.
Dhaher Mohammed Bin Dhaher Almheiri, CEO of the 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.” He added, “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 the Emirate of 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 cooperating in the exchange of information regarding regulations, standards and business classifications to ensure consistency between them.
Ahmed Ali Al Sayegh, Chairman of ADGM, commented, “The MOU with DED follows a similar agreement signed last year with the UAE Central Bank. The MOUs with the UAE’s onshore authorities are an important step towards ADGM accepting licence applications later in 2015.”
ADGM and the UAE Central Bank signed an MOU for cooperation in April 2014 covering regulatory and supervisory matters, as well as staff training and technical assistance.
ADGM is on track to accept its first licence applications later this year. The Open Market Consultation process was successfully concluded earlier this year for non-financial regulations. The next set of draft regulations, covering financial regulations, is expected to be published for review and comment in the next few months.