Abu Dhabi Global Market announces new financial partnership with Paris Europlace
Abu Dhabi's Global Market Square on Al Maryah Island, Abu Dhabi's new financial district. (CTBUH.org)
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Abu Dhabi Global Market (ADGM) has signed a partnership with Paris Europlace with the intent of collaborating on improving financial services within the two markets.
The Al Maryah Island-based international financial centre signed a Memorandum of Understanding (MoU) to increase joint financial activities to support growth and development in both financial industries in France and Abu Dhabi.
The landmark agreement is also aimed at increasing information sharing on banking, financial services, securities legislation and regulations in each market.
ADGM and Paris EUROPLACE will explore mutually beneficial projects and discussions to facilitate long term investment opportunities, infrastructure financing, new innovations in areas of Fintech and green finance, the national news agency Wam reported.
The agreement was signed in Paris by Arnaud de Bresson, chief executive officer of Paris Europlace, and Philippe Richard, Director, international affairs, financial services regulatory authority of ADGM, at the Paris Europlace International Financial Forum.
De Bresson said: “We are honoured to reinforce the cooperation and business opportunities between Abu Dhabi and Paris financial marketplaces through this joint agreement. As the first financial marketplace of the Eurozone, Paris has strong strengths to share with Abu Dhabi. This agreement paves the way for concrete joint initiatives in the respective fields of expertise of each country.”
Richard added: “We are pleased to establish a new partnership with Paris Europlace and look forward to working closely with the team to enhance the Fintech development, innovation and explore possible cross-border investment activities in both financial centres. Together, we can play our part in advocating a well-regulated environment and promoting high regulatory standards and practice among our business communities in both the UAE and Europe.”
Al Maryah Island is central to the Abu Dhabi government’s long-term development plans for the emirate with the financial free zone ADGM expected to play a major role in developing the United Arab Emirates’ economic vision.
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