The Abu Dhabi Global Market said yesterday that it signed with the Shanghai Free Trade Zone Authority a memorandum of understanding to foster cooperation and facilitate business development, UAE state news agency WAM reported.

The MOU establishes “a formal framework for further collaboration between the two bodies. It also aims to reinforce ADGM’s commitment to building stronger ties with global financial centers, according to WAM.

Last week, the ADGM signed an MOU with Paris Europlace, which promotes the French capital as a financial center, for closer cooperation.

Apart from sharing of information and expertise, SHFTZA and ADGM will also consider joint activities to enhance the development of the financial centers of Abu Dhabi and Shanghai FTZs.

“We are pleased to enter into this MOU with our Shanghai partner. Both SHFTZA and ADGM are established to support stakeholders in global expansion and tap growth opportunities in our respective regions,” said Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM.

He added that both zones would work jointly in boosting financial services activities, facilitating investment flows and encouraging business innovation. “The MOU marks another milestone between China and Abu Dhabi in strengthening economic cooperation,” he said.

Source: Shanghai FTZ Government.cn