The Registration Authority of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has entered into a memorandum of understanding (MoU) with the Companies and Intellectual Property Commission (CIPC) of South Africa. The MoU provides a framework within which ADGM will work collaboratively with CIPC on issues of mutual interest in the field of registries by incorporating each organization’s appropriate resources and technical capacity.
The MoU was signed by the Commissioner of CIPC Adv Rory W. Voller and Chief Executive Officer (CEO) of the Registration Authority of ADGM Mr. Dhaher Bin Dhaher Al Mheiri.
The objective of this MoU is to work towards strengthening the mutual understanding of the legislative, procedural and information technology frameworks in each party’s respective jurisdictions in the area of registering companies and other legal entities.
The agreement also aims to broaden knowledge sharing initiatives that promote the dissemination of best practice methods. It focuses on the continuous exchange of information about matters of common interest including but not limited to international standards and trends relating to registries services and operations.
Both parties have agreed to provide mutual assistance to facilitate the performance of their respective functions as well as collaborate on the provision of training and secondment opportunities for staff of ADGM and CIPC. They have also approved the exchange of information on public events that are relevant to the operations of a registry and to provide reciprocal assistance in welcoming delegations from other jurisdictions that are interested in a party’s operations.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: “The MoU with CIPC establishes a strategic partnership that develops and enhances ADGM’s international relations in the field of registries. Through joint collaboration, we look forward to greater efficiency and effectiveness in knowledge sharing and optimizing opportunities for growth in the industry.”
Adv Rory Voller, Commissioner of CIPC stated: “Collaboration is a core value of CIPC and this MoU offers an opportunity to expand and enhance the relationship with our counterparts at the ADGM Registration Authority. As part of a global community of registries, this partnership will enable shared learning to promote best practice in the corporate registration and regulation regime. Both organisations can leverage off each other’s strengths”.
The MoU strives to establish mutually beneficial activities in the field of registries’ services and operations and marks another addition in the expansion of ADGM’s extensive global network while supporting ADGM’s commitment to being a leading international financial centre.
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
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Afra AL Rashdi
Senior Manager – PR and media