The Board of Directors of Abu Dhabi Global Market (or “The Global Market”), the international financial centre being developed by Abu Dhabi, announces the signing of a Memorandum of Understanding (“MOU”) with the Central Bank of the United Arab Emirates (“Central Bank”) covering areas of co-operation between the two institutions including regulatory and supervisory matters.
The MOU commits both parties to actively strengthening cooperation between key professionals in each entity through staff training and technical assistance, and will form the basis of an active and dynamic working relationship between The Global Market and the Central Bank.
The MOU with the Central Bank of the UAE is an important milestone for Abu Dhabi Global Market in achieving its current priority to establish the regulator, registrar and legal jurisdiction that together will provide the strong foundation for the future business of its registered companies.
This MOU is the first in a series of agreements with local and international regulators to ensure that the Global Market has a financial services regulators that is internationally accredited.
The Global Market will contribute to the development of Abu Dhabi’s financial services sector in line with the Emirate’s Economic Vision 2030.