Abu Dhabi, UAE: Abu Dhabi Airports Free Zone (ADAFZ), a wholly owned subsidiary of Abu Dhabi Airports, has signed a Memorandum of Understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM Registration Authority) to promote the position of the Emirate of Abu Dhabi as a financial centre. The MoU was signed by Rowan Michael Kelly, Senior Vice President of ADAFZ and Dhaher bin Dhaher Al Mheiri, CEO of ADGM Registration Authority.
The MoU seeks to establish joint initiatives in regards to providing warehouse commercial licensing, incentives and knowledge sharing. The agreement addresses several important areas of cooperation aimed at increasing benefits for customers where ADAFZ will be facilitating the provision of warehouse facilities for ADGM entities and both parties will promote legal structures available at each of their respective free zones to investors. The MoU also calls for the creation of a joint committee to oversee the collaboration between ADAFZ and the ADGM Registration Authority.
Bryan Thompson, CEO of Abu Dhabi Airports commented: “The signing of this MoU is a milestone in the ongoing development of Abu Dhabi’s economic landscape, recognizing the shared objectives and mutual interests between both entities. By working together, we will focus on meeting our customers’ needs through an expanded product offering & simplified commercial processes including company licensing, registration and employee visa processing.”
Rowan Michael Kelly, Senior Vice President of ADAFZ, added: “Customers will be offered a variety of facility leasing options such as warehousing units, commercial offices and land plots, where facility management services are offered. Through this joint effort, we will support the growth of Abu Dhabi as a key economic hub and enhance the position of the UAE on a global scale.”
Dhaher Bin Dhaher Al Mheiri, CEO of ADGM Registration Authority remarked, “The MoU is a strategic collaboration between ADGM and ADAFZ that complements Abu Dhabi’s extensive and growing commercial facilities and services portfolio. It will offer seamless and integrated solutions for investors with a focus on streamlining business setup. The agreement intends to boost the UAE's vision to transform the country's economy, by diversifying the range and depth of economic activity, and driving in more growth from emerging sectors.”
The MoU’s framework for strategic cooperation aims to enhance tactics to support the growth and development of the economy of Abu Dhabi, promoting it as a business-friendly environment that prioritizes the ease of doing business for stakeholders.
About Abu Dhabi Airports
Abu Dhabi Airports is a public joint-stock company wholly owned by the Abu Dhabi Government. It was created on 4 March 2006, to spearhead the development of the Emirate's aviation infrastructure. In September 2006, Abu Dhabi Airports assumed responsibility for the operation and management of Abu Dhabi and Al Ain International Airports. In 2008, Abu Dhabi Airports added Al Bateen Executive Airport (an exclusive business aviation airport), as well as Sir Bani Yas and Delma Island Airports to its portfolio. These airports are geared to serve the various segments of air travelers, the aviation marketplace, and will help contribute to Abu Dhabi’s development as a destination for both business and leisure tourism.
Currently under way is the multi-billion dollar re-development and expansion of Abu Dhabi International Airport designed to increase the overall capacity of the airport.
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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 a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of 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: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards