ADCCI, ADGM to support businesses, investment ecosystem in Abu Dhabi

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a Collaboration Agreement with the Registration Authority (RA) of Abu Dhabi Global Market (ADGM) to support the business and investment environment and promote the business sectors that fosters growth and innovation in Abu Dhabi.

This agreement will further develop the private sector and financial services ecosystem in the Emirate, while supporting national economic diversification in alignment with the directives of Abu Dhabi Government.

The Collaboration Agreement constitutes an extension and update to the partnership agreement signed between ADCCI and the RA in 2018 to extend their collaboration to align with the latest developments and the changing requirements of the dynamic business environment in Abu Dhabi. This includes provisions related to registration and licensing procedures free zone companies, as well as facilitating their membership with the Chamber.

Additionally, the Agreement outlines their collaboration in areas such as the exchange of information, statistical data sharing, economic reports, expertise collaboration, marketing initiatives, and media engagement. Furthermore, both parties commit to organising conferences and forums to foster dialogue and enhance business opportunities. The agreement was signed by Ahmed Khalifa Al Qubaisi, CEO of ADCCI, and Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, at the Chamber’s headquarters, in the presence of a number of officials from both sides.

Ahmed Khalifa Al Qubaisi, CEO of ADCCI, said: “By expanding the framework of partnership and cooperation with Abu Dhabi Global Market, the Abu Dhabi Chamber aims to enhance its contribution to advancing comprehensive and sustainable development in Abu Dhabi. This strategic collaboration aligns with the Emirate’s economic diversification strategies, by supporting the private business community in its various sectors. Furthermore, it contributes to establishing a modern and competitive financial and business environment, reinforcing Abu Dhabi’s position as a global economic and financial hub that attracts private investment companies.”

“The financial services sector represents one of the vital and leading sectors in the Abu Dhabi economic system. Abu Dhabi Global Market, one of the largest financial institutes in the world, serves as a powerful motivator for us. We are committed to providing all the necessary support, facilitations, and innovative solutions that enhance the growth and success of companies specialising in financial services, technology, and asset management that are operating in the market. As the primary supporter of the private sector in the Emirate, our efforts contribute to attracting more companies and foreign direct investments to the market, and making the Emirate the first choice in the Middle East and North Africa region in terms of doing business by the year 2025,” Al Qubaisi added.

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority said, “In our commitment to advancing the goals and vision of Abu Dhabi, ADGM is proud to strengthen its collaboration with the Abu Dhabi Chamber of Commerce and Industry through this agreement. We aim to foster an ecosystem that not only enhances the ease of doing business but also cultivates a thriving community in Abu Dhabi, bolstering its growing economy. Working with well-embedded entities in Abu Dhabi, such as the ADCCI opens doors to countless opportunities across diverse business clusters and expands the horizon of ADGM’s value proposition for entities looking to set up here, in a dynamic, progressive, and unparalleled business environment attracting FDI. Through the agreement, the two sides also seek to explore opportunities and possibilities to integrate their registration systems as well as cooperate in transferring technical, organisational, and institutional expertise to help achieve their shared goals and visions.

Abu Dhabi Global Market (ADGM) and Kigali International Financial Centre (KIFC), a financial centre that aims to transform Rwanda into a leading financial destination for investors seeking opportunities across the African continent have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration between the two financial centres. The strategic collaboration was inked at ADGM’s Authority building with an esteemed delegation from Rwanda.

The partnership aims to foster cooperation within both financial centres including but not limited to promotion and international development, mutual recognition, capacity building and skills development, sustainable finance, and Islamic finance.

Furthermore, the regulatory authorities of the IFCs will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in both markets.