The Registration Authority of Abu Dhabi Global Market (ADGM) and the Confederation of Indian Industry (CII) entered into a Memorandum of Understanding (MoU) to jointly collaborate on initiatives and efforts that further bolster the business developments and opportunities between India and the UAE.
The MOU was signed on 8 November by Mr. Madhav B Shriram, Chairman (Delhi State), Confederation of Indian Industry & Deputy Managing Director, DCM Shriram Industries Ltd and Mr Martin Tidestrom, Business Development Director of the Registration Authority of ADGM, during the ADGM delegation’s business visit to Indian from 7 to 16 November. The ADGM delegation, led by Mr Tidestrom, is meeting the key local authorities and business leaders in the cities of Mumbai, New Delhi, Hyderabad, Kochi, and Trivandrum, to create awareness and bolster investment and business between the closely related economies of India and the UAE.
The MoU will enable both ADGM and CII to facilitate greater exchange of information, collaborate on activities and areas that enhance the growth in both markets, share best practices and explore bilateral business opportunities.
This partnership reinforces Abu Dhabi’s long-term positive relationship with India; it also underscores ADGM’s commitment as an IFC to enhance and build stronger collaborations with global financial and commercial markets and with leading business organizations. The agreement provides a framework for Registration Authority and CII to provide mutual assistance, exchange relevant information and co-operate on cross-border initiatives.
Mr. Chandrajit Banerjee, Director General, Confederation of Indian Industry stated, “With the UAE transforming itself into a knowledge based economy and given India’s leadership in key sectors such as ICT, biotechnology, drugs and pharmaceuticals among others, stronger bilateral economic ties can only produce a win-win relationship. CII is committed to facilitating such linkages between Indian and Emirati companies.”
Mr Dhaher bin Dhaher, Chief Executive Officer, Registration Authority of ADGM added, “The growing economies of India and UAE continue to offer exciting business and growth opportunities for companies, corporates and investors worldwide. With the markets getting inter-connected and more entities operating globally, ADGM is committed to support more corporates and investors in India to take advantage of the opportunities in Abu Dhabi and the region.
Since ADGM went fully operational last year, we have been strengthening our partnerships with key Indian stakeholders and business communities to address their needs and growth ambitions in the UAE. Augmented by mutually-beneficial tax treaties, efficient regulations and access to wide-ranging financial and professional services, ADGM serves to be an attractive base for Indian in- and outbound investments. As an IFC, ADGM is committed, and will continue, to provide a business-friendly, efficient and transparent platform for companies to anchor their presence in Abu Dhabi and fulfill their business growth in the region.”
The ADGM Registration Authority is responsible for the development of non-financial services sector of ADGM, the international financial centre (IFC) of Abu Dhabi. The Authority handles all aspects of incorporation, registration and licensing of legal entities in ADGM. ADGM provides an attractive and pro-business platform that caters to an extensive range of business sectors, along with professional services, family businesses, corporate headquarters and various management functions. The ADGM platform offers a beneficial environment for domicile holding companies, special purpose vehicles and other structures to hold and protect their assets. To-date, ADGM has successfully registered more than 170 companies, non-financial and financial, since it began operations a year ago. Recently, ADGM was also voted the “Financial Centre of the Year (MENA)” by the Global Investor/ISF publication. The strong endorsement by the regional business industry bears testament to ADGM’s attractiveness and value proposition as an IFC.