11 September 2018, Abu Dhabi, UAE: The Registration Authority of Abu Dhabi Global Market (ADGM), the leading international financial centre of Abu Dhabi has signed a Memorandum of Understanding(MoU) with the Emirates Development Bank (EDB) the host and operator of Mohammed Bin Rashid Innovation Fund (MBRIF). Through the MoU, the parties aim to facilitate cooperation in cultivating local entrepreneurship and innovation.
Access to finance for young businesses remains a fundamental challenge faced in the UAE. Under the MoU, ADGM and MBRIF commit to collaborate on initiatives that will aim to address potential barriers and improve the cost and ease of obtaining bank loans, supporting businesses through their funding lifecycle.
The MoU will also open enhanced channels for MBRIF to directly provide finance to businesses registered in ADGM, and offer support through the application process.
ADGM is already a popular base for innovation and used extensively to structure investments into start-ups, based on the trusted legal platform and access to the growing ecosystem of businesses, advisers and financial services. ADGM is working on further initiatives across the innovation and entrepreneurship spectrum to connect finance and investment with entrepreneurs, and this agreement with MBRIF marks another successful development in support of this objective.
The MoU was signed on 10 September 2018 by Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority and Haytham Yousef Kamhiyah, CEO of Emirates Development Bank.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority said,“The region has witnessed strong growth in entrepreneurial ventures in recent years and to keep with that momentum, ADGM has positioned itself as a leading financial centre with an internationally-recognised regulatory framework and an extensive financial ecosystem for supporting the development of entrepreneurs and fostering innovation. ADGM is excited to collaborate with the MBRIF to bolster opportunities and strengthen support for start-ups and SMEs”
Haytham Yousef Kamhiyah, CEO of Emirates Development Bank said, “We are very pleased to be partnering with Abu Dhabi Global Market in our efforts to help entrepreneurs grow their businesses. In line with the UAE National Innovation Strategy, MBRIF was founded to support entrepreneurs and SMEs with unique and innovative ideas that can improve the nation’s economic competitiveness and expand its national growth potential. Through this partnership we aim to encourage and support the growth of the startup ecosystem, ultimately making the country a leader in innovation, globally.”
About Abu Dhabi Global Market:
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Based in Abu Dhabi, home to one of the world’s largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in the world, ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linked : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
About Mohammed Bin Rashid Innovation Fund (MBRIF)
The Mohammed bin Rashid Innovation Fund (MBRIF) is a federally sponsored initiative conceived and sponsored by the Ministry of Finance and operated by Emirates Development Bank to support local innovators in accessing affordable finance through the provision of a government-backed guarantee. The Fund of AED 2 billion was announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, during the country’s first-ever Innovation week. MBRIF will act on behalf of the UAE government to provide a guarantee as security to a financier, as an incentive to encourage the issuance of a loan and to reduce collateral required from the applicant.
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